Other People’s Money

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John Kay is an economics professor and has been a fellow of St. John’s College at the University of Oxford since 1970. He is also a regular contributor to the Financial Times and the author of the books Obliquity and The Long and Short of It.

The financial sector's unchecked practices have led to systemic instability, as seen in the 2008 crisis, which stemmed from reckless decision-making, excessive risk-taking, and self-serving behavior. Historically, finance supported economic stability and societal progress by fostering prudent investments and enabling individuals to achieve financial goals. However, the rise of financialization shifted the focus to profit-driven transactions, destabilizing the economy and prioritizing short-term gains over long-term accountability. Policies intended to regulate the industry often backfire, creating loopholes and adding complexity that benefits institutions at the expense of consumers. Meanwhile, the financial sector's deep political ties and opaque operations shield it from accountability, perpetuating a cycle of exploitation and public ignorance. As the system continues to prioritize profits over ethical conduct, the consequences of these practices fall disproportionately on ordinary citizens, underscoring the urgent need for reform to restore trust and stability. The next section will explore the factors driving this shift and their broader implications.

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