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).