Where others have jumped in feetfirst, kay provides a headfirst diagnosis of what contribution finance makes to wider society. And many of the things done by citigroup and goldman do not need to be done at all. The last third of the book insightfully addresses reform, which, refreshingly, kay stresses is not the same as regulation. In detail, the book favours structural remedies, not more and more regulation of behaviour that is an arms race between banks and regulators that the former, with their ability to extract vast rents and hire lawyerslobbyists will always win. First, a disclaimeri think john kay is a quite brilliant economist, thinker and writer.
After millions of words describing and diagnosing the financial crises of 2008 and their continuing. Free shipping and pickup in store on eligible orders. As these three attributes are not always complementary, he is the rarest of breeds. Charles baglis other peoples money in a new book, new york times reporter looks at tishman speyers acquisition of stuyvesant townpeter cooper village. 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.
Whether his specific proposals are the best approach. 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. The finance sector needs to be reminded of its primary purpose. The real business of finance other peoples money by john kay other peoples money 2015 offers a detailed breakdown of the financial sector. The theme of broken governance and accountability is echoed in economist john kay s other people s money. It is difficult to get a man to understand something, when his salary depends on his not understanding it.
Author john kay sets forth the theme of his book, and its title, at the beginning. Of all published articles, the following were the most read within the past 12 months. But a problem arises when they use agents to transact on their behalf. 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. 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.
Other peoples money, by john kay the ft columnist argues that banks have turned away from the real economy to trade with each other share on twitter opens new window. Addresses current market woes from historical perspective. Sep 22, 2015 the theme of broken governance and accountability is echoed in economist john kay s other people s money. Sep 22, 2015 kay holds forth for increased regulation that is focused more on the interests of consumers and less on the integrity of market processesin other words, the more vigorous application of doddfrank and other regulatory regimes that congress is now hurriedly trying to dismantle. Sep 25, 2015 other peoples money, by john kay, profile rrp. A financial times book of the year, 2015 an economist best book of the year, 2015 a bloomberg best book of the year, 2015 other people s money is not merely another broadside content to denounce finance s dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. I never felt like i understood what s actually happening in the finance markets until i read this book.
Far too much of a good thing the introductory chapter of my latest book other people s money. 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. In other peoples money, john kay shows, in his inimitable style, what has gone wrong in the dark heart of the finance sector. 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. The early books after the crash, like andrew ross sorkins too big to fail, analysed how the collapse unfolded in minute detail. I liked this book because it gives an overview of the banking industry which i have not seen in other books and articles i have read, especially regarding the crisis. Access a free summary of other peoples money, by john kay and 20000 other business, leadership and nonfiction books on getabstract. John kays new book, other peoples money should be read by everyone concerned with preventing the next crisis.
This important book is simultaneously a clear primer on modern financial systems and a scathing indictment of them. As john kay shows in his new book, other peoples money. Buy other peoples money book online at low prices in india. It acknowledges the essential role of finance in modern economies but levels three critical charges at modern financial systems. Chair, professor of economics lse, codirector of the centre for macroeconomics. Buy other peoples money book online at low prices in. It was based on the play of the same name by jerry sterner. 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 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. The theme of broken governance and accountability is echoed in economist john kays other peoples money. Other peoples money, by john kay the new york times.
Other people s money is a 1991 american comedydrama film starring danny devito, gregory peck and penelope ann miller. The real business of finance, in the financial world when conflicts. Other peoples money, john kay 9781781254455 boeken. Other peoples money posted on august 28, 2015 by diane coyle catching up with postholiday stuff has slowed me down, but i finished john kay s new book. Whether his specific proposals are the best approach, policy wont change unless many more people recognize the issues and demand better. Other peoples money by john kay publicaffairs publicaffairs books. Sep 27, 2016 author john kay sets forth the theme of his book, and its title, at the beginning. A financial times book of the year, 2015an economist best boo. It is in this sense that kay characterises the managers of the worlds toobigtofail financial firms as spending other peoples money. Dec 08, 2017 can you please look at the channel next epsode subscribe and like other people s money by louis d. Sep 01, 2015 that may be so when people are acting for themselves, as principals in the exchange.
Buy other people s money book online at best prices in india on. 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. The real business of finance by john kay online at alibris. John kay deciphered the complicated world of finance and presented in an intriguing and logical way. Review of other peoples money by john kay seeking alpha. Other peoples money 2015 offers a detailed breakdown of the financial sector. Mr kay, an academic and columnist for the financial times, takes the longer and broader view. I was most impressed by how he explained the role of cds credit default swaps, moral hazard, and cdo collateralized debt obligation during the financial crisis in 2008. Other peoples money free summary by john kay getabstract. Brandeis full audio book money, wealth, business, politics other.
Sep 27, 2016 other people s money by john kay, 9781610397155, available at book depository with free delivery worldwide. Kay sees ring fencing of retail activities from investment banking as a first step. The economist has long been an enthusiast for leavening. Far too much of a good thing the introductory chapter of my latest book other peoples money. The real business of finance has 4 available editions to buy at half price books marketplace. Department of economics and centre for macroeconomics public lecture. The real business of finance by john kay at indigo. 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.
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. Agents, of course, have their own interests at heart. But cartwright, who impressively refuses to write the same novel twice, is a pretty cluedup guide, and other people s money a wellpaced and absorbing read. Patrick honohan on an economist who argues that the world financial crisis has been contained but not settled. A scathing and wellinformed critique of the financial industry by leading. Everyday low prices and free delivery on eligible orders. Other peoples money should be read by everyone concerned with preventing the next crisis. His new book, other people s money, is about as good a demonstration of kay s skills as economist, thinker and writer as you are likely to find. The film adaptation was directed by award winner norman jewison, and written by alvin sargent. The real business of finance the thatcherite emphasis on hard work and selfreliance sat alongside a belief that compassion should be.
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