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Other people's money : the real business of finance / John Kay.

by Kay, J. A. (John Anderson)

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PublicAffairs, [2015]

Financial services industry.

Financial institutions.

Banks and banking.

Corporations -- Finance.

9781610396035 (hc.)

1610396030 (hc.)

Alternate title:

Originally published: Other people's money : masters of the universe or servants of the people?

First US edition.

xiii, 336 pages : illustrations ; 24 cm.

"The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary market dealing in existing assets. Regulation has contributed more to the problems than the solutions"--Provided by publisher.

Originally published: Great Britain : Profile Books Ltd., 2015, under title: Other people's money : masters of the universe or servants of the people?

Includes bibliographical references (pages 297-320) and index.

Prologue : The parable of the ox -- Introduction : Far too much of a good thing -- Part I. Financialisation. History ; Risk; Intermediation; Profits -- Part II. The functions of finance. Capital allocation ; The deposit channel ; The investment channel -- Part III. Regulation ; Economic policy ; Reform ; The future of finance -- Epilogue : The emperor's guard's new clothes.

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