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And the Weak Suffer What They Must?: Europe's Crisis and America's Economic Future, by Yanis Varoufakis
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A #1 Sunday Times bestseller [UK]
A titanic battle is being waged for Europe’s integrity and soul, with the forces of reason and humanism losing out to growing irrationality, authoritarianism, and malice, promoting inequality and austerity. The whole world has a stake in a victory for rationality, liberty, democracy, and humanism.
In January 2015, Yanis Varoufakis, an economics professor teaching in Austin, Texas, was elected to the Greek parliament with more votes than any other member of parliament. He was appointed finance minister and, in the whirlwind five months that followed, everything he had warned about—the perils of the euro’s faulty design, the European Union’s shortsighted austerity policies, financialized crony capitalism, American complicity and rising authoritarianism—was confirmed as the “troika” (the European Central Bank, International Monetary Fund, and European Commission) stonewalled his efforts to resolve Greece’s economic crisis.
Here, Varoufakis delivers a fresh look at the history of Europe’s crisis and America’s central role in it. He presents the ultimate case against austerity, proposing concrete policies for Europe that are necessary to address its crisis and avert contagion to America, China, and the rest of the world. With passionate, informative, and at times humorous prose, he warns that the implosion of an admittedly crisis–ridden and deeply irrational European monetary union should, and can, be avoided at all cost.
- Sales Rank: #89866 in Books
- Published on: 2016-04-12
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.30" w x 6.50" l, .0 pounds
- Binding: Hardcover
- 368 pages
Review
A #1 Sunday Times Bestseller [UK]
"The book is ... highly readable. It is also important, outlining a perspective on global economics that influences policy thinking in broader circles than the radical left." –Financial Times
"A defensive but astute, cerebral, and engrossing polemic that conveys knowledge and authority." –Kirkus Reviews
“The financial catastrophe that nearly undid the euro, the flawed, fragile currency of most of Europe, is placed under a microscope by Varoufakis…A trenchant critic.” –Publishers Weekly
"The emerging rock-star of Europe’s anti-austerity uprising." –The Daily Telegraph
"A brilliant economist." –Bloomberg
"The most interesting man in the world." –Business Insider
"[A] fiery maverick." –Fortune
"Mr. Varoufakis tends to speak in thoughtful and theatrical tones that can prompt strong reactions." –New York Times
"European finance ministers have got an opponent who will not recede easily. And one who, furthermore, appears to have the stamina of a long distance runner to go the whole way." –The Guardian
"[A] maverick economist with Greece’s fate in his hands." –The Guardian
"A new politician...who is poised to change how you and I think about those we elect to lead us." –Huffington Post
"Feisty." –The Washington Post
"Earnest, energetic." –Financial Times
"An improbable heartthrob." –Reuters
About the Author
Yanis Varoufakis is the Finance Minister of Greece. A Professor of Economic Theory at the University of Athens and a visiting professor at the Lyndon B. Johnson School of Public Affairs, University of Texas at Austin, he is the author of "The Global Minotaur: America, the True Causes of the Financial Crisis and the Future of the World, " among others.
@yanisvaroufakis
Most helpful customer reviews
111 of 114 people found the following review helpful.
Insightful, Fair, and Deeply Moving
By J Zhang
In a nutshell, this is a great read. If you're wondering, as I did, why the US unemployment rate went from 12% to 5% in the years following the 2008 financial crisis, yet Europe's unemployment rate stayed at 12%, then perhaps you want to read this book.
This book is divided roughly in two parts. The first part is an economic history of how Europe got to where it is today. This history dates back to 1944 in a small town in New Hampshire. I was struck by how fairly Varoufakis treated the subjects no matter if they're from the left or the right, if they're American or British or French or German. He even gave credit to Thatcher for her reasons to oppose the monetary union, while pointing out that as a student he participated in every demonstration against her that he could find. Even as a student of European history, I found plenty here that I didn't know.
The second part is a slow motion play-by-play of how the 2008 financial crisis hit Europe, and what the people in charge ended up doing to make it much worse. In this, Varoufakis is unrelenting in his criticism, but it always backed up by solid economic logic. He saves the most biting of his words on the bureaucrats and politicians of the EU who used the bailout to save the banks, but left the bills to the people. And not just any people, but the weakest people in the weakest of nations (not just Greece, but Ireland, Spain, Portugal, and Italy). Hence the title of the book.
This book would be extremely entertaining, if not for the fact that the subject matter and analysis made me extremely sad and concerned. Varoufakis is right. Europe is too important to be left just to the Europeans. Last century, Europe dragged the rest of the world into not one, but two orgies of mass destruction. Today, it has the potential to do it again, in the economic arena. This is not a matter of liberal vs conservative world view. It's a matter of economics. If you care at all about your own economic future, you would do well to give this book a read.
9 of 9 people found the following review helpful.
Great writing from a great writer; a real education for one who reads this kind of stuff a lot; in a class by himself.
By Happy guy
Just through the first couple of chapters; breathtaking; he goes back to Breton Woods and the Nixon Gold shock which I lived through. I did not remember/know the actors involved and what was happening behind the scenes. It's like the "Real" history you read as you get older, not the pablum propaganda you were raised on and most continue to eat; fed by today's corporate media showing you what they "choose" to show you based on their self interest. I'm looking forward to the rest of the book.
15 of 17 people found the following review helpful.
Speaking up for the Weak and Speaking Truth to Power
By Paul Richards
With the fight for democracy heating up all over the globe, Varoufakis book is essential reading for anyone who wants to understand what is at issue for all of us in the outcome of the struggle for a common currency in Europe. As a participant in the Greek debacle and a victim of the powerful who will not tolerate dissent, Veroufakis has described his experiences negotiating with the EU. It is an eye opening read that helps explain what happened in 2008 here and in Europe and what is at stake in the continuing struggles of Ireland, Spain, Italy, Greece and Portugal as victims of draconian enforcement of austerity policies from on high in Germany. It helps to explain how the trade deals facing us here in the US can arrogantly propose that corporations can veto national laws. Putting corporations above democracy is a trend that is central to everything that is happening today, and is key to understanding what Bernie Sanders in the USA, and Jeremy Corbyn in Great Britain, and Podemos in Spain are up against. Highly recommended. Thank you Mr. Varoufakis and keep on fighting..
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