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Other Peoples Money
- Sales Rank: #1032932 in Books
- Brand: imusti
- Published on: 2016-04-21
- Original language: English
- Number of items: 1
- Dimensions: 7.80" h x .87" w x 5.08" l, .68 pounds
- Binding: Paperback
- PROFILE BOOKS
Most helpful customer reviews
3 of 3 people found the following review helpful.
Every financial regulator should be required to read this book
By DCD
John Kay is a senior professor at Oxford University and a columnist at the Financial Times. In the early 2010s the UK government put him at the head of a commission to study its equity markets. At the apex of a long career in finance he had access to the industry in ways that few other academics have experienced. What he then explains to us in clear detail is that the financial industry in its current form is not only of little use for the real economy, but very dangerous. Every member of government and financial regulator should have to read this book when entering office. The miracle is that someone as senior, knowledgeable and well connected as Prof. Kay actually tells us the truth about the industry that has been so important to his long career. We owe him a great debt. He is much more than a whistleblower - this book shows how the financial industry from top to bottom is structured to extract rents from the real economy. Before joining the US Supreme Court, Louis Brandeis in 1914 published a book, "Other People's Money," that set the tone in securities regulation for the 20th century. We can only hope that this book does the same for the 21st century.
0 of 0 people found the following review helpful.
“Many good ideas become bad ideas when pursued to excess
By Ian Mann
Author John Kay lectured in economics at Oxford from 1971 to 1978, is visiting Professor of Economics at the London School of Economics, and is a regular editorial contributor to the Financial Times.
Other People’s Money deals with the state of the financial services industry. This matter is relevant to all, because no country can be prosperous unless it has a well-functioning financial system.
As a system, Kay notes, “I will show that its profitability is overstated, that the value of its output is poorly reported in economic statistics, and that much of what it does contributes little, if anything, to the betterment of lives and the efficiency of business.”
The beginnings of industrialisation and the growth in international trade happened at the same time as the development of finance in Britain and the Netherlands. This was necessary because finance contributes to a society and the economy in many ways. It provides the necessary payment systems that trading requires, and matches lenders with borrowers. It enables individuals to manage their personal finances during their lifetimes and inter-generationally, and can help individuals and businesses manage the inevitable risks.
“Many good ideas become bad ideas when pursued to excess,” Kay explains. He goes on to show how the financial sector has grown in the last four decades through a process he describes as “financialization.”
In the past, the bank manager and stockbroker knew his clients, and knew the companies he recommended to them. Investment banks, similarly, had long-term relationships with the large companies they served. They also maintained solid relationships with institutions such as the insurance companies that aggregated the capital of small savers.
The central characteristics of the financialisation of Western economies over the past forty years has been the shift from being the agent of clients to that of trading, from relationships with people to effecting transactions.
From the 1970s until the financial crisis in 2008, the financial sector grew in every way - size, income, sophistication and complexity.
The new financial markets no longer attracted those with little academic ambition but who excelled at client relations. By 2008 most senior executives held degrees from fine universities, and excelled at solving very difficult mathematical problems that were involved in pricing derivative securities. The most successful graduates of Oxford and Cambridge, and the Ivy League Universities aspired to careers in the City or on Wall Street. “These cleverer people,” explains Kay, “managed things less well – much less well – than their less intellectually distinguished predecessors.”
What most people understand as the function of banking – lending to people and businesses, constitutes only about 3% of their total activity. The rest, in Kay’s words, “staggers the imagination”. Annually the value of the banking activities processed in Britain is £75 trillion, or about 40 times the national income.
The industry trades mostly “with itself, talks to itself and judges itself by reference to performance criteria that it has itself generated.” Most of these trades are conducted by computers silently trading with each other, and the trades are owned for less than the blink of an eye – literally. This is to be compared with the holding of equities for 7 years, 50 years ago. The industry deals in products that have been proved to be beyond the industry’s control and even understanding.
Securities are claims on an asset. Derivative securities are claims on other securities, and so, logically their value depends ultimately on the value of the underlying securities. However, the assets underlying derivative contracts are three times the value of all the physical assets in the world. As such, finance has become a “good” in itself and the resultant process is, the financialization of banking.
What is the purpose of this activity and why is it so profitable?
Most people, including politicians and the public, and of course those in finance, seem to regard it as self-evident that government and taxpayers have an obligation to ensure that the financial sector continues to operate in its existing form. In similar vein, many believe that the extraordinary remuneration of financial businesses and their senior employees, is deserved. The majority of people working in banking do not share in this success. “Our willingness to accept uncritically the proposition that finance has a unique status has done much damage,” Kay asserts.
In all the hundreds of articles about the finance industry written in recent years, very little attention has been given to the question “Why is the industry so profitable?”
The reality is that finance is an industry like railways, or retailing, or electricity supply, and should be judged by the same principles. A large part of the growth of the finance industry is not the result of the wealth it has created, but rather the wealth created elsewhere in the economy.
The industry really does not require any more regulations. It is highly regulated as it is. What it does need is structural reform that would restore it to its priority tasks - meeting the needs of the real economy.
Kay’s work is a fascinating tour of a sector far more complex than is generally presumed. His insights and clarity of thinking make this book essential reading for anyone interested, or participating in the finance sector. It ranges way beyond what is hinted at in this column.
Readability Light ---+ Serious
Insights High +---- Low
Practical High ----+Low
*Ian Mann of Gateways consults internationally on leadership and strategy and is the author of Strategy that Works. Views expressed are his own.
0 of 0 people found the following review helpful.
Financialisation remains a big hazard to us all
By Client d'Amazon
A brilliant explanation of the financial system and its danger to us all, which has not diminished since the 2008 crisis. At times a bit too technical with financial trade jargon
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