Kay, John
Other People's Money: Masters of the Universe or Servants of the People?
- ISBN 13:
- 9781781254455
- author:
- Kay, John
- format:
- Paperback
- publisher:
- Profile Books
- language:
- English
- Publication Year:
- 2016
- Pages:
- 288
- Dimensions:
- 13 x 2.3 x 19.8 cm
- Genre:
- Business, Finance & Law, Professional Finance, Banking,
- Condition:
- New
- Availability:
- Item usually sent within 5 working days
Description
The purpose of the finance sector is not as straightforward as it may seem. While it plays a crucial role in storing our money, managing payments, and financing housing stock, the majority of lending within the sector is not directly related to these essential functions. Instead, it involves a significant amount of trading with itself, with little connection to everyday life. John Kay, a distinguished economist, argues that the industry's perceived profitability is partly illusory and partly a result of appropriating wealth created elsewhere - other people's money. The financial sector has grown too large, detached itself from ordinary business, and has become an industry that mostly trades with itself, talks to itself, and judges itself by its own standards. This has led to a situation where the outside world has adopted these standards, bailing out financial institutions that have failed through greed and mismanagement.
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