John Kay is a visiting professor at the London School of Economics and a fellow of St. John's College, Oxford University. He writes a weekly column for the Financial Times and is the author of several books, including Obliquity: Why Our Goals Are Best Achieved Indirectly. He lives in London.
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The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance se... SEE MORE