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. Examples of completed worksheets are included after each activity for. Mobi files can be read on kindles, epub files can be read on other ebook readers, and zip files can be downloaded and read on your computer. 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. The finance sector needs to be reminded of its primary purpose. Everyday low prices and free delivery on eligible orders. Other peoples money 2015 offers a detailed breakdown of the financial sector. A guide to money management for people with disabilities. He proposes that financial services are not as profitable as some headline numbers would suggest. Other peoples money by john kay 9781781254455 dymocks. The department of economics at lse is one of the largest economics departments in the world. In other peoples money, economist and ft columnist john kay confirms his place among the ranks of these inconvenient critics. Welcome to young people and money foreword from money advice service young people, at the outset of their adult lives, need to be able to manage their money effectively. Other peoples money dinner with professor john kay.
Other peoples money professor john kay professor wouter. Kay is an admirable debunker of myths and false beliefshe can see substantial things that others dont. 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. Whatever we select for our library has to excel in one or the other of these two core criteria. There are now dozens of free money worksheets so there is a wide variety for you to choose from. In other people s money, john kay shows, in his inimitable style, what has gone wrong in the dark heart of the finance sector.
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. This free downloadable ebook can be read on your computer or ereader. Other peoples money by john kay, 9781781254455, available at book depository with free delivery worldwide. Enlightening youll learn things that will inform and improve your decisions. And he suggests that the replacement of those who are good. John kays other peoples money is generally an excellent book. Access a free summary of other peoples money, by john kay and 20,000 other business, leadership and nonfiction books on getabstract. 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. Kay argues that over the past 40 years, the expansion of the.
Bloomberg view a challenging book that will add to ongoing discussion and debate. Its size ensures that all areas of economics are strongly represented in both research and teaching. In other peoples money john kay shows in his inimitable style what has gone wrong in the dark heart. But these roles comprise only a tiny sliver of the sectors activity. Description other peoples money by john kay 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.
Patrick honohan on an economist who argues that the world financial crisis has been contained but not settled. Other peoples money, by john kay the new york times. The directors of banks and corporations, being the managers rather of other people s money than of their own, it cannot well be expected, that they should watch over it withanxious vigilance. Far too much of a good thing the introductory chapter of my latest book other peoples money. John kay is a visiting professor at the london school of economics. Free shipping and pickup in store on eligible orders. Professor and financial times columnist john kay deftly explains the development and ramifications of the current global financial system. They have flourished, especially since 2008, and will continue to thrive unless and until in kays words we get back to work. The economist kays insistence on stepping back, on judging finance by the humdrum standards of any other industry, with its selfserving mystique and aura of inevitability stripped away, makes other peoples money one of the best two or three books ive read on the crash. He discusses how to restructure it to make it safer, sounder and more useful to the real economy. 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. The financial sector is too large and too powerful. Modern economies need finance, to enable us to make payments, transfer wealth across our lifetimes and between generations, allocate capital and maintain the corporate and physical infrastructure.
Between 2004 and 2011, as part of the financial services authority financial capability strategy, young people and money was developed to help youth practitioners support. 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. Kay argues that the growth in the size of the financial system hasnt been matched by improvements in the allocation of capital. The theme of broken governance and accountability is echoed in economist john kay s other people s money. The real business of finance by john kay at indigo. Shortlisted for the orwell prize 2016 we all depend on the finance sector. I had read quite a number of books about financial crises but this is the. Chair, professor of economics lse, codirector of the centre for macroeconomics. About the author john kay is a visiting professor at the london school of economics and a fellow of st johns college, oxford. A financial times book of the year, 2015an economist best boo. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement and support new business. 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.
Buy other peoples money book online at best prices in india on. The ft columnist argues that banks have turned away from the real economy to trade with each other. Get the key points from this book in less than 10 minutes. In other peoples money john kay shows in his inimitable style what has gone wrong in the dark heart of finance. It includes vocab, reading of peoples opinions and a long discussion section. Buy other peoples money book online at low prices in. And the outside world has itself adopted those standards, bailing out financial institutions that have failed all of us through greed and mismanagement. Other peoples money kay, john compra livros ou ebook.
Kay might rather characterize it as a gobbling maw. Librivox recording of other peoples money, by louis d. She introduced herself to some of the people around her, and the next thing her mother knew, she was having meetings with a variety of senior leaders in the. Other peoples money and how the bankers use it is a collection of essays written by louis brandeis published as a book in 1914. The book attacked the use of investment funds to promote the consolidation of various industries under the control of a small number of corporations, which brandeis alleged were working in. In other people s money john kay shows in his inimitable style what has gone wrong in the dark heart of finance. We need it to store our money, manage our payments, finance housing stock, restore infrastructure, fund retirement. 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. He tells the cashier to flee, that all is discovered. Other peoples money by john kay at inkwell management. However todays finance involves passing other peoples money around rather than contributing anything to the real economy. To make a budget you need to know how much income you have money coming in and how you are spending it, and how many expenses bills. Professor john kay, obe is visiting new zealand following publication in late 2015 of his new book other peoples money.
John kay in a discussion with marion terrill, transport program director at the grattan institute. 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. Other peoples money is an engaging and informative narrative that circles but does not quite prove this central point. The financial sector, he shows, has grown too large, detached itself from ordinary business and everyday life, and has become an industry that mostly trades with itself, talks to itself, and judges itself by reference to.
In 1870s france, a bank manager rushes into his head cashiers home, interrupting a dinner party, and throws down a wad of bills. Kays insistence on stepping back, on judging finance by the humdrum standards of any other industry, with its selfserving mystique and aura of inevitability stripped away, makes other peoples money one of the best two or three books ive read on the crash. 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. Author john kay sets forth the theme of his book, and its title, at the beginning. We need finance, but today we have far too much of a good thing. Other peoples money the real business of finance by john kay. The main function of whole finance industry is supposed to arrange for payment services, and connect savers with borrowers mainly buying houses. Department of economics and centre for macroeconomics public lecture.