Other People's Money

Masters of the Universe or Servants of the People?

John Kay

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Paperback

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English

Profile
25 May 2016

Economics & Business; Finance; Business & management

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?

John Kay, a distinguished economist with wide experience of the financial sector, argues that the industry's perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere - of other people's money. The financial sector, he shows, has grown too large, detached itself from ordinary business and everyday life, and has become an industry that mostly trades with itself, talks to itself, and judges itself by reference to standards which it has itself generated. And the outside world has itself adopted those standards, bailing out financial institutions that have failed all of us through greed and mismanagement.

We need finance, but today we have far too much of a good thing. In Other People's Money, John Kay shows, in his inimitable style, what has gone wrong in the dark heart of finance.

By: John Kay
Imprint: Profile
Country of Publication: United Kingdom
Dimensions: Height: 198mm, Width: 128mm, Spine: 26mm
Weight: 289g
ISBN: 9781781254455
ISBN 10: 1781254451
Publication Date: 25 May 2016
Audience: College/higher education , Professional and scholarly , General/trade , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

Reviews for Other People's Money: Masters of the Universe or Servants of the People?

Stratospherically authoritative. * Independent * Should be read by everyone concerned with preventing the next crisis... barely a page goes by without an acute observation or pithy aphorism. * Economist * Kay is both a first-class economist and an excellent writer. * Financial Times * Mr Kay is a brilliant writer. * Wall Street Journal * An admirable debunker of myths and false beliefs - Kay can see substantial things others don't. -- Nassim N Taleb, author of The Black Swan Quite brilliant ... about as good a demonstration of Kay's skills (as economist, thinker and writer) as you are likely to find. -- Andrew Haldane * Prospect magazine * John Kay is one of the most engaging and accessible writers on economics in Britain today * Morning Star *