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The Editors | 03.03.08

Business

Why it’s so hard to keep the financial sector caged

Martin Wolf, Financial Times [Read the Article]

“The US itself looks almost like a giant hedge fund. The profits of financial companies jumped from below 5 per cent of total corporate profits, after tax, in 1982 to 41 per cent in 2007, even though their share of corporate value added only rose from 8 to 16 per cent... A financial sector that generates vast rewards for insiders and repeated crises for hundreds of millions of innocent bystanders is, I would argue, politically unacceptable in the long run. Those who want market-led globalization to prosper will recognize that this is its Achilles heel. Effective action must be taken now, before a still bigger global crisis arrives.”

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