Modern economies need finance, to enable us to make payments, transfer wealth across our lifetimes and between generations, allocate capital and maintain the corporate and physical infrastructure, and to help us manage the risks of everyday life. Instead, we have created a financial world that talks to itself, trades with itself, and is increasingly divorced from the activities of the real economy.
Professor Kay explains how this came about – and what can be done to recreate a financial sector responsive to economic and social needs.
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