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Other people's money : masters of the universe or servants of the people? / John Kay.

By: Kay, J. A. (John Anderson) [author.]Edition: Paperback editionDescription: xii, 356 pages ; 23 cmISBN: 9781781254455; 1781254451Other title: Masters of the universe or servants of the people?Subject(s): Finance | Financial services industry | Banks and banking | Financial institutionsDDC classification: 332 LOC classification: HG173 .K39 2015
Contents:
Pt. I. Financialisation: 1. History: The road to Pottersville -- The rise of the trader -- New markets, new businesses -- From crisis to crisis -- The robber barons -- We are the 1 per cent -- 2. Risk: Cows, coffee and credit default swaps -- Chasing the dream -- Adverse selection and moral hazard -- 3. Intermediation: The role of the middleman -- Liquidity -- Diversification -- Leverage -- 4. Profits: Smarter people -- Competition -- The Edge -- Regulatory arbitrage -- I'll be gone, you'll be gone -- How profitable is the finance sector? -- pt. II. The functions of finance: 5. Capital allocation: Physical assets -- Housing -- Property and infrastructure -- Large companies -- Financing small and medium-size enterprises -- 6. The deposit channel: Household wealth -- The payment system -- The activities of the deposit channel -- 7. The investment channel: Stewardship -- A bias to action -- The role of the asset manager -- pt. III. Policy: 8. Regulation: The origins of financial regulation -- The Basel agreements -- Securities regulation -- The regulation industry -- What went wrong -- 9. Economic policy: Maestro -- Financial markets and economic policy -- Pensions and inter-generational equity -- Consumer protection -- The British dilemma -- 10. Reform: Principles of reform -- Robust systems and complex structures -- Other people's money -- The reform of structure -- Personal responsibility -- 11. The future of finance.
Awards: The Orwell Prize (political writing), Finalist 2016.Summary: We all depend on the finance sector. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. But these roles comprise only a tiny sliver of the sector's activity: the vast majority of lending is within the finance sector. So what is it all for? What is the purpose of this activity? And why is it so profitable? Industry insider John Kay argues that the finance world's perceived profitability is not the creation of new wealth, but the sector's appropriation of wealth - of other people's money.
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First published in Great Britain in 2015.

Includes bibliographical references and index.

Pt. I. Financialisation: 1. History: The road to Pottersville -- The rise of the trader -- New markets, new businesses -- From crisis to crisis -- The robber barons -- We are the 1 per cent -- 2. Risk: Cows, coffee and credit default swaps -- Chasing the dream -- Adverse selection and moral hazard -- 3. Intermediation: The role of the middleman -- Liquidity -- Diversification -- Leverage -- 4. Profits: Smarter people -- Competition -- The Edge -- Regulatory arbitrage -- I'll be gone, you'll be gone -- How profitable is the finance sector? -- pt. II. The functions of finance: 5. Capital allocation: Physical assets -- Housing -- Property and infrastructure -- Large companies -- Financing small and medium-size enterprises -- 6. The deposit channel: Household wealth -- The payment system -- The activities of the deposit channel -- 7. The investment channel: Stewardship -- A bias to action -- The role of the asset manager -- pt. III. Policy: 8. Regulation: The origins of financial regulation -- The Basel agreements -- Securities regulation -- The regulation industry -- What went wrong -- 9. Economic policy: Maestro -- Financial markets and economic policy -- Pensions and inter-generational equity -- Consumer protection -- The British dilemma -- 10. Reform: Principles of reform -- Robust systems and complex structures -- Other people's money -- The reform of structure -- Personal responsibility -- 11. The future of finance.

We all depend on the finance sector. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. But these roles comprise only a tiny sliver of the sector's activity: the vast majority of lending is within the finance sector. So what is it all for? What is the purpose of this activity? And why is it so profitable? Industry insider John Kay argues that the finance world's perceived profitability is not the creation of new wealth, but the sector's appropriation of wealth - of other people's money.

The Orwell Prize (political writing), Finalist 2016.