when–as is usually the case by the time the revaluation occurs–shares have passed beyond the original inventors and become owned by private equity or quoted on financial markets, it is passive rather than active investors who capture most of the revaluation gains. Financialization enables investment bankers and fund managers who picked the right stock–often by chance–to make profits that would previously have gone to those who built the right product, by painstaking design. And, having captured this value, they invariably race to extract it–channelling the gain into real estate or other
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