Finance for the people
Watch Prof. John Kay speak on making finance work for people in this KAPTalks.
The finance sector of Western economies is the product of a ‘bottom-up’ process, in which institutions evolved to serve the local needs of households for payments, savings, and the mutual sharing of risks. These institutions were adapted over time to meet the developing needs of merchants and business.
But that was a long time ago. America and Western Europe today have a finance sector excessive size; a sector that has lost touch with the real economy, and which trades with itself, talks to itself, and judges itself by its own criteria. The outcomes have proved catastrophically unstable. What lessons for developing countries can be learned?
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