not-so-creative destruction

the power of the unreasonable question:

Paul Woolley, a seventy-one-year-old Englishman who has set up an institute at the London School of Economics called the Woolley Centre for the Study of Capital Market Dysfunctionality. “Why on earth should finance be the biggest and most highly paid industry when it’s just a utility, like sewage or gas?” Woolley said to me when I met with him in London. “It is like a cancer that is growing to infinite size, until it takes over the entire body.”

John Cassidy’s New Yorker article asks “What is Wall Street Good For?”. Now that the anger with wall street shenanigans has dimmed it is interesting to see deeper reviews of the financial services industry, and ways we might be more productive – as a utility. 

 

 

via Wall Street, investment bankers, and social good : The New Yorker.

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