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The Global Minotaur
In *The Global Minotaur*, economist Yanis Varoufakis uses the Greek myth of the half-man, half-bull beast to unpack the U.S.-led global economic system that dominated from 1971 to 2008. He argues that America’s twin deficits (fiscal and trade) acted as the Minotaur, sucking in excess goods from surplus nations like Germany, Japan, and China, while those countries’ profits flowed back to Wall Street to fund U.S. consumption, debt, and financial speculation. Varoufakis dismantles simplistic explanations for the 2008 crash—from greed to bad regulation—framing it instead as the inevitable collapse of this unsustainable, debt-fueled cycle. He explores the crisis’s aftermath: Wall Street’s taxpayer-funded bailout, soaring inequality, the eurozone’s self-defeating austerity, and China’s struggle to shift from export-led growth. Finally, he outlines the urgent need for a new global surplus-recycling mechanism to replace the fallen Minotaur, warning that without coordinated reform, the world faces permanent economic stagnation.
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