Read the introductory chapter of my latest book other peoples money. According to john kay, a visiting professor at the london school of economics and a regular contributor to the financial times, the finance sector is too large and too powerful. He was the founding head of the oxford said business school and the institute for fisca. Youll find that kay offers an iconoclastic perspective on the financialization of the global economy. A financial times book of the year, 2015an economist best book of the year, 2015a bloomberg best book of the year, 2015 the finance sector of western. Other peoples money 2015 offers a detailed breakdown of the financial sector. Department of economics and centre for macroeconomics public lecture.
Bagli, the new york times reporter who first broke the story of the sale of stuyvesant town. John kay pdf, read john kay epub other peoples money. John kay, a distinguished economist with wide experience of the financial sector, argues that the industrys perceived profitability is partly illusory and partly an appropriation of wealth created elsewhere of other people s money. Review of other peoples money by john kay seeking alpha. He was the first dean of oxfords said business school and has held chairs at the london school of economics, the university of oxford, and london business school.
We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. In this summary of other peoples money by john kay, youll learn. Find out why the international financial sector has become a ruthless mechanism made up of rotten parts, and discover how these parts can be eliminated and, eventually, replaced. Kay provides by way of context a panoptic overview of the history, evolution and structure of the financial system in the. This book summary set out to explain why the financial sector is so important, and also dangerous. The real business of finance, which provides an accessible expose of the complex and layered modern financial system and the failure of laws and regulations to protect the public. 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. Sep 22, 2015 the theme of broken governance and accountability is echoed in economist john kay s other people s money. Author john kay sets forth the theme of his book, and its title, at the beginning. While always politically neutral, getabstract finds that his. John kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. Other peoples money dinner with professor john kay summary of. Other peoples money dinner with professor john kay summary of discussion november 2015 1 the rise of financialisation over the past 40 years a process of financialisation driven by deregulation, technology and globalisation has transformed the financial industry in.
The theme of broken governance and accountability is echoed in economist john kay s other people s money. The real business of finance by kay, professor of industrial policy at the london business school and fellow john isbn. Sep 22, 2015 other people s money the real business of finance by john kay. Masters of the universe or servants of the people author. The real business of finance, the hare and tortoise and other people s money. In this summary of other peoples money by john kay, youll. John kay, a distinguished economist with wide experience of the financial sector, argues that the industrys perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere of other people s money. Access a free summary of other peoples money, by john kay and 20,000 other business, leadership and nonfiction books on getabstract. October 20th 2015 i would like to pay tribute to the contribution you and your company make to the prosperity of britain. Other peoples money dinner with professor john kay summary of discussion november 2015 1 the rise of financialisation over the past 40 years a process of financialisation driven by deregulation, technology and globalisation has transformed the financial industry in terms of scale, risk and culture. If some members of that closed circle make extraordinary profits, these profits can only be made at the expense of other members of the same circle.
The real business of finance are great because they are so attention holding, i mean you know how people describe other people s money. But these roles comprise only a tiny sliver of the sectors activity. Other peoples money john kay book summary bestbookbits. Sep 01, 2015 john kay, economist and financial times columnist, asks in his book other peoples money why financial services are so profitable. Other peoples money professor john kay professor wouter. Download for offline reading, highlight, bookmark or take notes while you read other people s money. The directors of banks and corporations, being the managers rather of other peoples money than of their own, it cannot well be expected, that they should watch over it withanxious vigilance. Currently, he is a visiting professor of economics at the london school of economics, a fellow. A financial times book of the year, 2015an economist best boo. John kay in a discussion with marion terrill, transport program director at the grattan institute. A policy of naming and shaming is ineffective if everyone has been named and shamed. Other peoples money i recently read other peoples money by john kay a great book exploring the role of finance in society, the transformation in the sector and society at large brought about by financialization, the structural causes of the financial crisis and ways to reform the financial sector to serve society again rather than itself. Bagli, the new york times reporter who first broke the story of the sale of stuyvesant town peter cooper village takes listeners inside the most spectacular failure in real estate history, using this single deal as a lens to see how and why the real estate crisis happened. Themed happy hour gathering book talk by respected.
Other peoples money is not merely another broadside content to denounce finances dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. Whether his specific proposals are the best approach, policy. Jan 11, 2017 john kay, a distinguished economist with wide experience of the financial sector, argues that the industrys perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere of other people s money. Unabridged audiobook join an audiobook club to get this book. The real business of finance ebook written by john kay. Almost exactly two centuries later, john kay echoes the sentiment, noting that as. Other peoples money dinner with professor john kay. John kay is an economist whose career has spanned the academic world, business and public affairs. Other peoples money, by john kay the new york times. Chair, professor of economics lse, codirector of the centre for macroeconomics. Themed happy hour gathering book talk by respected british.
John kay is one of britains leading economists and a fellow of st john s college oxford. Other peoples money essential knowledge for transition. Other peoples money john kay 20150922 the finance sector of western economies is. In other people s money john kay shows in his inimitable style what has gone wrong in the dark heart of finance. Common sense suggests that if a closed circle of people continuously exchange bits of paper with each other, the total value of these bits of paper will not change much, if at all. Money for your investments the ultimate leverage pdf. After millions of words describing and diagnosing the financial crises of 2008 and their continuing. John kay, economist and financial times columnist, asks in his book other peoples money why financial services are so profitable. The finance sector of western economies is too large and attracts too many of the smartest college. Everyday low prices and free delivery on eligible orders. A guide to finance and investment for normally intelligent people who arent in the industry. Investing books for beginners five books expert recommendations. His career has spanned academia, business, finance and public policy. Other peoples money free summary by john kay getabstract.
As these three attributes are not always complementary, he is the rarest of breeds. First, a disclaimeri think john kay is a quite brilliant economist, thinker and writer. History shows that a healthy financial system can improve lives and strengthen economies. Other peoples money john kay haftad 9781781254455 bokus. If some members of that closed circle make extraordinary profits, these profits can only be made at the expense of other. The real business of finance by john kay, public affairs books, 2015. An argument for financialmarket reform instead of regulation.
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