The financial sector has become too dominant in the global economy from "summary" of Globalization and Its Discontents by Joseph E. Stiglitz
The dominance of the financial sector in the global economy has reached unprecedented levels, exerting immense influence over governments, businesses, and individuals alike. This power has been accumulated through a combination of deregulation, financial innovation, and the increasing interconnectedness of markets around the world.
One of the main consequences of this dominance is the prioritization of short-term profits over long-term sustainable growth. Financial institutions, driven by the relentless pursuit of profit, often engage in risky behavior that can have disastrous consequences for the broader economy. The global financial crisis of 2008 is a stark reminder of the dangers of allowing the financial sector to become too powerful.
Moreover, the financial sector's domina...
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