Feeding the deficits of the now wounded global minotaur

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Reference no: EM13885870

Varoufakis argues that surplus producing countries like Japan and Germany were key pillars of the success of the “Global Plan” for many years. After a long period of seeming prosperity (“the Japanese economic miracle”) Japan experienced a slowdown in the late 1980s and then a crash in the early 1990s. Germany’s future is now entangled with the Euro crisis. And China has become a new surplus producing country that is/was feeding the deficits of the now wounded Global Minotaur.

Describe, as briefly and succinctly as possible, 3 “lessons” or conclusions Varoufakis draws from these three countries (Japan, Germany, or China) experiences. (maximum: 300 words each country).

Reference no: EM13885870

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