Maru Kun

36%
Flag icon
This steep rise in average income per employee–scarcely interrupted by the crash of 2008–was, according to its supporters, a sign of the financial sector’s rising productivity and a justification for channelling more resources into finance. But the productivity gain was, as seen in Chapter 4, highly dependent on a redefinition that boosts banks’ and other lenders’ ‘value added’. An alternative explanation for the rising income-to-employment ratio is that finance was reinforcing its power to extract value, and gain monopoly rents from other private-sector activities.
The Value of Everything: Making and Taking in the Global Economy
Rate this book
Clear rating