Yanis Varoufakis is a self-styled ‘erratic Marxist’ and a former finance minister of Greece under the Syriza-led government. He penned his illuminating book The Global Minotaur (TGM) some years ago, in the aftermath of the evolving Global Financial Crisis.
He has become a prolific writer for the intelligent layman, and his website is well worth a look, particularly for those interested in progressive reform in the European Union and the Eurozone.
TGM is Varoufakis’ thesis on the roots of the crisis, which according to him lie back in the 1940s, towards the end of World War II. At that time, the US had emerged as the global capitalist hegemon, economically, politically and militarily.
The 1944 Bretton Woods Conference in New Hampshire was attended by such figures as the economist John Maynard Keynes, who led the British delegation, and Harry Dexter White, his US counterpart. The aim was to construct a post-war global economic and financial order which would avoid another Great Depression, as had occurred in the 1930s, and the achievement of peace and prosperity via international cooperation. Continue reading