Varoufakis offers timely economic tidbits

Advertisement

Advertise with us

In his odd little book about capitalism and the global economy, former Greek finance minister Yanis Varoufakis attempts to explain the origins and evolution of market economies, including the seemingly inescapable tendencies of these systems to generate inequality among and within nations.

Read this article for free:


or

Already have an account? Log in here »

To continue reading, please subscribe:

Subscribe and receive a limited-edition Free Press branded hat or tote.

Digital Subscription

One year of digital access for only $205*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles

*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.

To continue reading, please subscribe:

Add Free Press access to your Brandon Sun subscription for only an additional

$1 for the first 4 weeks*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles
Start now

*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.

Hey there, time traveller!
This article was published 19/05/2018 (3010 days ago), so information in it may no longer be current.

In his odd little book about capitalism and the global economy, former Greek finance minister Yanis Varoufakis attempts to explain the origins and evolution of market economies, including the seemingly inescapable tendencies of these systems to generate inequality among and within nations.

Some readers will recall Varoufakis’ brief and tumultuous showdown with the global financial community during the Greek economic crisis of 2015 and his resulting bestselling memoir about these negotiations, Adults in the Room: My Battle with the European and American Deep Establishment.

Varoufakis admits to penning this current plain-language work in only nine days (!) whilst basking in the paradise of his island home overlooking Greece’s Saronic Gulf. The author’s chosen device for meeting this ambitious goal takes the form of lessons or discourses to his daughter, who resides in Australia and is evidently a constant absence in his life.

Unlike many economic studies that begin and end in modern times — or perhaps go back only so far as the Industrial Revolution — Talking to my Daughter About the Economy traces the roots of the market society to ancient feudal civilizations, to early forms of global trade and, eventually, to an imagined futuristic world. Along the way, we learn of the origins of debt and the need for entrepreneurs to acquire financial liability in advance of production, the concept of surplus and profit and the manner in which early and even contemporary banking is able to simply conjure capital and wealth “out of thin air.”

Later in this short book, the author turns to a welcome discussion of the emergence of cryptocurrencies — and particularly Bitcoin — before concluding with a sort of “tragedy of the commons”-type analysis of the future of our fragile global ecosystems and the role markets may play in either protecting or obliterating our planet.

No doubt, at least partially because of the hastily assembled creative timeline for this book, this work suffers from a kind of shifting stream of consciousness, a heavy reliance on references grounded in ancient mythology and science fiction (the movie The Matrix is deployed as a recurring demonstration of various theories and concepts) and the patchy (at best) use of the father-to-daughter ploy.

Despite these weaknesses, this sometimes-entertaining book can be easily consumed in one or two sittings — which seems about right for a book that was written in just nine days.

Scott MacKay is the president of Probe Research Inc., a Winnipeg-based public opinion and marketing research organization.

Report Error Submit a Tip

More Stories

Wyatt vows to ‘absolutely’ continue serving as city councillor despite latest sex-crime charges

Joyanne Pursaga 5 minute read Preview

Wyatt vows to ‘absolutely’ continue serving as city councillor despite latest sex-crime charges

Joyanne Pursaga 5 minute read Thursday, Aug. 13, 2026

Transcona Coun. Russ Wyatt vowed Thursday to continue doing his job after more criminal charges were laid against him this week, while the mayor called for “better tools” to address elected officials who face serious allegations.

Wyatt, 56, was charged Monday with sexual assault and administering a noxious substance in an October 2023 incident. He was previously charged with sexual assault and administering a noxious substance in March, based on allegations tied to a 2025 gathering.

On Thursday, Wyatt arrived at city hall and quickly walked to his office at 10:20 a.m., nearly an hour after the East Kildonan-Transcona community committee meeting he planned to attend was scheduled to begin.

He answered few questions from reporters.

Read
Thursday, Aug. 13, 2026

Trailblazing Western Scrap Metals heavy-equipment operator relishes role at massive crane’s control

David Sanderson 7 minute read Preview

Trailblazing Western Scrap Metals heavy-equipment operator relishes role at massive crane’s control

David Sanderson 7 minute read Yesterday at 10:15 AM CDT

Less than five per cent of heavy-equipment operators in the country are women but that number is trending upward, according to a study conducted by trade magazine Crane & Hoist Canada.

It was reported that in Ontario roughly eight per cent of jobs in the transport and heavy-equipment field are currently held by women. Furthermore, in 2024 almost 20 per cent of graduates at an Edmonton-based heavy-equipment operator training school were female, the article stated.

That brings us to Harmony Guspodarchuk, the first female crane operator in the 70-year history of Western Scrap Metals, a family-owned business at 18 Sutherland Ave.

Three years ago, Guspodarchuk literally stepped into the driver’s seat of a 27,500-kilogram, Liebherr C 924 Heavy Lift Litronic crane. The 29-year-old hasn’t looked back much since.

Read
Yesterday at 10:15 AM CDT

‘Disrespectful’: residents frustrated after Wyatt arrives hour late to committee meeting

Joyanne Pursaga 3 minute read Preview

‘Disrespectful’: residents frustrated after Wyatt arrives hour late to committee meeting

Joyanne Pursaga 3 minute read Updated: Yesterday at 1:00 PM CDT

Several Winnipeggers attending a city development hearing on Thursday expressed frustration that one councillor arrived about an hour late, delaying the matter from being heard.

Coun. Russ Wyatt, who continues to attend city hall while facing criminal charges, began participating in the 9:30 a.m. East Kildonan-Transcona community committee meeting at 10:35 a.m.

A resident who hoped to speak at the meeting about a development plan in south Transcona noted the tardiness led the committee to bump the topic down on its agenda, while dozens waited to speak on it.

Christina Pyra eventually opted to leave city hall instead of waiting for her turn to make a presentation, to avoid missing a work commitment.

Read
Updated: Yesterday at 1:00 PM CDT

Nola chef earns national award

Eva Wasney 2 minute read Preview

Nola chef earns national award

Eva Wasney 2 minute read Yesterday at 2:01 AM CDT

Celebrated Winnipeg chef Emily Butcher has another feather to add to her toque. The executive chef and owner of Nola and Bar Accanto in St. Boniface has received the Culinary Award of Excellence from Restaurants Canada, a national foodservice advocacy organization.

Read
Yesterday at 2:01 AM CDT

Former Greek finance minister offers timely economic tidbits

Reviewed by Scott MacKay 3 minute read Preview

Former Greek finance minister offers timely economic tidbits

Reviewed by Scott MacKay 3 minute read Saturday, May. 19, 2018

In his odd little book about capitalism and the global economy, former Greek finance minister Yanis Varoufakis attempts to explain the origins and evolution of market economies, including the seemingly inescapable tendencies of these systems to generate inequality among and within nations.

Some readers will recall Varoufakis’ brief and tumultuous showdown with the global financial community during the Greek economic crisis of 2015 and his resulting bestselling memoir about these negotiations, Adults in the Room: My Battle with the European and American Deep Establishment.

Varoufakis admits to penning this current plain-language work in only nine days (!) whilst basking in the paradise of his island home overlooking Greece’s Saronic Gulf. The author’s chosen device for meeting this ambitious goal takes the form of lessons or discourses to his daughter, who resides in Australia and is evidently a constant absence in his life.

Unlike many economic studies that begin and end in modern times — or perhaps go back only so far as the Industrial Revolution — Talking to my Daughter About the Economy traces the roots of the market society to ancient feudal civilizations, to early forms of global trade and, eventually, to an imagined futuristic world. Along the way, we learn of the origins of debt and the need for entrepreneurs to acquire financial liability in advance of production, the concept of surplus and profit and the manner in which early and even contemporary banking is able to simply conjure capital and wealth “out of thin air.”

Read
Saturday, May. 19, 2018

Bombers manage to hand Redblacks another loss

Taylor Allen 7 minute read Preview

Bombers manage to hand Redblacks another loss

Taylor Allen 7 minute read Updated: 8:35 AM CDT

It looked bad. Real bad.

Winnipeg Blue Bombers quarterback Zach Collaros made his return to the lineup on Friday night against the Ottawa Redblacks, and he was once again the victim of a blindside hit.

The one he suffered in Hamilton on July 5 appeared relatively modest in comparison and yet, it sidelined him for a month with a neck injury.

So when Redblacks linebacker Lucas Cormier came around the edge unblocked and hammered Collaros from behind in the second quarter, you could hear a pin drop inside Princess Auto Stadium.

Read
Updated: 8:35 AM CDT