A Financial Times Book of the Year, 2015
An Economist Best Book of the Year, 2015
A Bloomberg Best Book of the Year, 2015
The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.
Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees.
In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people s money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.
John Kay, is a visiting professor of economics at the London School of Economics and a fellow of St John’s College, Oxford University. He is a director of several public companies and contributes a weekly column to the Financial Times. Kay is the author of nine previously published books and coauthor of The British Tax System with Mervyn King. John Kay lives in London.
- 批判金融化导致实体经济脱节
- 揭露高频交易与衍生品泛滥
- 反思监管失效与系统性风险
- 金融从业者与经济学学生
- 关注宏观经济与政策者
- 希望理解2008年危机根源者
- 开篇较晦涩，需适应作者节奏
- 注意区分金融本质与异化现象
- 关注监管套利带来的深层问题
- 深度剖析金融系统核心弊端
- 对理解金融危机有重要启发
- 部分观点引发关于监管争议
本导读基于书籍简介、目录、原文摘录、短评和书评生成，不等同于全文精读。
- "The key insight of Adam Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it."
- "The costs and scale of intermediar activity grew very rapidly, the calibre and intellectual sophistication of people employed increased sharply, and new technologies became available to support their decisions. Yet the quality of intermediation was worse -- much worse. This paradox was repeated acro"
- "传说土著美国人出售华尔街的未来用地，可以换取价值24美元的小饰品。交易双方对这一地理位置的价值有不同的看法。在这种情况下，买方（新尼德兰省的荷兰总督彼得·米纽伊特）欺骗了卖方，而作为卖方的当地人犯了一个错误。或者，也许没有。在另一个版本的传说中，当地人从这笔交易得到的好处更多，因为他们压根就不曾拥有曼哈顿岛。无论是以上哪种情况，这笔交易都基于错误信息和虚假信息。从亚里士多德到18世纪中叶，在经济思想中占主导地位的一直是这样一种理念：市场是无良商家抢劫不知情客户的场所，对外贸易是攫取外国人财富的一种手段。我们或许可以把这一学说的冠军头衔献给17世纪法国政治家和经济学家让-巴普蒂斯特·科尔贝尔，因"
显示全部
the equality machine
The Great Successor
The Smartest Places on Earth
Narconomics
The Great Deformation
The Great Depression