Ebook: Other people's money: the real business of finance

"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"--;Prologue. The parable of the ox -- Introduction. Far too much of a good thing -- Part I. Financialisation. History ; Risk ; Intermediation ; Profits -- Part II. The functions of finance. Capital allocation ; The deposit channel ; The investment channel -- Part III. Policy. Regulation ; Economic policy ; Reform ; The future of finance -- Epilogue. The emperor's guard's new clothes.