As these three attributes are not always complementary, he is the rarest of breeds. Apr 21, 2016 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. His 2015 book other peoples money should be added to the long and sagging bookshelf on how the nature of the financial services industry here denoted fsi, and including both commercial banking and shadow. Free shipping and pickup in store on eligible orders. Sep 27, 2016 author john kay sets forth the theme of his book, and its title, at the beginning. Other peoples money free summary by john kay getabstract. Masters of the universe or servants of the people ia a book from financial writer, scholar and genius john kay. Traditionally, financiers looked after peoples savings, loaned money, provided a payment system and helped people manage economic risks. Kay is the author of nine previously published books and coauthor of the british tax system with mervyn king. Sep 27, 2016 john kay, is a visiting professor of economics at the london school of economics and a fellow of st john s college, oxford university. The finance sector establishes claims against assets the operating assets and future profits of a company, or the physical property and prospective earnings of an.
After millions of words describing and diagnosing the financial crises of 2008 and their continuing. I was most impressed by how he explained the role of. About the author john kay is a visiting professor at the london school of economics and a fellow of st johns college, oxford. In this lecture, prof john kay will explain how this came about and what can be done to recreate a financial sector responsive to economic. 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. 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. Read the introductory chapter of my latest book other peoples money. John lanchester was a novelist who set out to write a book about london life in the first decade of the 21st century and realised that finance was a big part of london life in the first decade of the 21st century. Professor and financial times columnist john kay deftly explains the development and ramifications of the current global financial system. May 05, 2016 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. The theme of broken governance and accountability is echoed in economist john kays other peoples money. The real business of finance by john kay hardback, 2015 at the best online prices at. Sep 22, 2015 the theme of broken governance and accountability is echoed in economist john kay s other people s money. Department of economics and centre for macroeconomics public lecture.
He was the first dean of oxfords said business school and has held chairs at london business school, the university of oxford, and the london school of economics. 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. John kay is a british economist who once taught economics at oxford and is now a professor at the london business school and an editorial contributor to the financial times. And many of the things done by citigroup and goldman do not need to be done at all. Whether his specific proposals are the best approach, policy wont change unless many more people recognize the issues and demand better. Other peoples money professor john kay professor wouter. Patrick honohan on an economist who argues that the world financial crisis has been contained but not settled.
Other peoples money posted on august 28, 2015 by diane coyle catching up with postholiday stuff has slowed me down, but i finished john kays new book. 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. Everyday low prices and free delivery on eligible orders. 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. The system kay describes is becoming history, its excesses, which.
The real business of finance, in the financial world when conflicts in the laissezfaire world of adam smith, when individuals pursue their own selfish interests they unwittingly contribute to the benefit of all. 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. Whether his specific proposals are the best approach. Buy other peoples money book online at low prices in india. Review of other peoples money by john kay seeking alpha. Booklist the theme of broken governance and accountability is echoed in economist john kay s other people s money. Chair, professor of economics lse, codirector of the centre for macroeconomics. John kay, is a visiting professor of economics at the london school of economics and a fellow of st johns college, oxford university. Next on your list of the best investing books for beginners is john lanchesters how to speak money. 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. In other peoples money, economist and ft columnist john kay confirms his place among the ranks of these inconvenient critics. As john kay shows in his new book, other peoples money. John anderson kay, cbe, frse, fba, facss born 1948 is a british economist.
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. The finance sector establishes claims against assets the operating assets and future profits of a company. We need finance, but today we have far too much of a good thing. See all 6 formats and editions hide other formats and editions. 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 theme of broken governance and accountability is echoed in economist john kay s other people s money.
He is a director of several public companies and contributes a weekly column to the financial times. Modern banks and most other financial institutions trade in securities, and the growth of such trade is the main explanation of the growth of the finance sector. Other peoples money is an engaging and informative narrative that circles but does not quite prove this central point. While the gravamen of its complaint is old, 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. Other peoples money quotes showing of 34 the great muckraker upton sinclair had expressed a deep insight into the relationship between the world of ideas and the world of practical men. Sep 01, 2015 john kay, economist and financial times columnist, asks in his book other peoples money why financial services are so profitable. Jan 11, 2017 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.
Kay argues that over the past 40 years, the expansion of the financial. 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. Other peoples money deals with the state of the financial services industry. One of britains leading economists, john kay sets out in his new book, other peoples money. Other peoples money by john kay at inkwell management. Buy other peoples money book online at low prices in. It is difficult to get a man to understand something, when his salary depends on his not understanding it. Other peoples money, by john kay the new york times. Other peoples money presentation in the netherlands february 14, 2017 see johns presentation to the dutch pension industry at utrecht university on january 24th 2016. Access a free summary of other peoples money, by john kay and 20,000 other business, leadership and nonfiction books on getabstract. John kay, is a visiting professor of economics at the. John kay echoes the sentiment, noting that as exchanging bits of paper cannot make profits for everyone, it is very likely that much of finance. 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 peoples money, john kay 9781781254455 boeken.
And the outside world has itself adopted those standards, bailing out financial institutions that have failed all of us through greed and mismanagement. 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. Other peoples money, by john kay in an 1814 letter, thomas jefferson complained that the financial sector of his day was populated by adventurers who burthen all the interchanges of. Other peoples money 2015 offers a detailed breakdown of the financial sector. The financial sector is too large and too powerful. Booklist the theme of broken governance and accountability is echoed in economist john kays other peoples money. A financial times book of the year, 2015an economist best boo. Like lending to firms and individuals engaged in the production of goods and services which most people would imagine was the principal business of a bank amounts to about 3 per cent of that total see. The finance sector needs to be reminded of its primary purpose. Sep 25, 2015 other peoples money is an engaging and informative narrative that circles but does not quite prove this central point.
The ft columnist argues that banks have turned away from the real economy to trade with each other. The real business of finance by john kay good books by saying they cant stop reading them, well, i really could not stop reading. Author john kay sets forth the theme of his book, and its title, at the beginning. In other peoples money john kay shows in his inimitable style what has gone wrong in the dark heart of finance. Other peoples money by john kay the actuary, the official.
John kay, a distinguished economist with wide experience of the financial sector. John kay deciphered the complicated world of finance and presented in an intriguing and logical way. The real business of finance by john kay, public affairs books, 2015. It is an aberration when 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. First, a disclaimeri think john kay is a quite brilliant economist, thinker and writer.
The real business of finance the thatcherite emphasis on hard work and selfreliance sat alongside a belief that compassion should be a private virtue rather than a social practice. Common sense suggests that the activity of exchanging bits of paper cannot make profits for everyone and that much of the growth of the finance sector represents not the creation of new wealth, but an appropriation of other peoples moneymostly for the benefit of the people. Other peoples money the real business of finance by john kay. 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 peoples money.
373 1155 207 1005 1269 1549 558 168 1087 1120 742 453 1134 1304 1090 791 846 1374 1173 1411 1461 588 256 615 434 360 337 219 1446 1103 1398 43 1280 1229