The finance sector needs to be reminded of its primary purpose. John kays excellent book is purportedly an attempt to. Description other people s money by john kay a financial times book of the year, 2015 an economist best book of the year, 2015 a bloomberg best book of the year, 2015 the finance sector of western economies is too large and attracts too many of the smartest college graduates. Common sense suggests that the activity of exchanging bits of paper cannot make profits for everyone and that much of the growth of the finance sector represents not the creation of new wealth, but an appropriation of other peoples money mostly for the benefit of the people. Other peoples money ebook by john kay 9781610396042. Bagli, the new york times reporter who first broke the story of the sale of stuyvesant town peter cooper village takes listeners inside the most spectacular failure in real estate history, using this single deal as a lens to see how and why the real estate crisis happened. Sep 22, 2015 the theme of broken governance and accountability is echoed in economist john kay s other people s money. Everyday low prices and free delivery on eligible orders.
Other people s money the real business of finance by john kay. In other peoples money, economist and ft columnist john kay. The real business of finance has 4 available editions to buy at half price books marketplace. Other peoples money, by john kay the ft columnist argues that banks have turned away from the real economy to trade with each other share on twitter opens new window. Sep 25, 2015 other peoples money is an engaging and informative narrative that circles but does not quite prove this central point. Other peoples money is not merely another broadside content to denounce finances dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. The directors of banks and corporations, being the managers rather of other peoples money than of their own, it cannot well be expected, that they should watch over it withanxious vigilance.
Other peoples money by john kay the actuary, the official. This important book is simultaneously a clear primer on modern financial systems and a scathing indictment of them. John kay is a british economist who once taught economics at oxford and is now a professor at the london business school and an editorial contributor to the financial times. It acknowledges the essential role of finance in modern economies but levels three critical charges at modern financial systems. The last third of the book insightfully addresses reform, which, refreshingly, kay stresses is not the same as regulation. Other peoples money, by john kay the new york times. Kay provides by way of context a panoptic overview of the history, evolution and structure of. Other peoples money, by john kay in an 1814 letter, thomas jefferson complained that the financial sector of his day was populated by adventurers who burthen all the interchanges of. His new book, other peoples money, is about as good a demonstration of kays skills as economist, thinker and writer as you are likely to find. He is a director of several public companies and contributes a weekly column to the financial times. The real business of finance, in the financial world when conflicts in the laissezfaire world of adam smith, when individuals pursue their own selfish interests they unwittingly contribute to the benefit of all.
Access a free summary of other peoples money, by john kay and 20,000 other business, leadership and nonfiction books on getabstract. In other peoples money, john kay shows, in his inimitable style, what has gone wrong in the dark heart of the finance sector. The film adaptation was directed by award winner norman jewison, and written by alvin sargent. The real business of finance by john kay online at alibris.
Apr 21, 2016 john kay, a distinguished economist with wide experience of the financial sector, argues that the industry s perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere of other people s money. John kay is a visiting professor at the london school of economics. Other peoples money by john kay at inkwell management. Far too much of a good thing the introductory chapter of my latest book other peoples money. Kay s insistence on stepping back, on judging finance by the humdrum standards of any other industry, with its selfserving mystique and aura of inevitability stripped away, makes other people s money one of the best two or three books ive read on the crash. In other peoples money, economist and ft columnist john kay confirms his place among the ranks of these inconvenient critics. The real business of finance by john kay at indigo. The real business of finance, which provides an accessible expose of the complex and layered modern financial system and the failure of laws and regulations to protect the public. Buy other people s money book online at best prices in india on. John kay, a distinguished economist with wide experience of the financial sector, argues that the industrys perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere of other people s money. After millions of words describing and diagnosing the financial crises of 2008 and their continuing.
The real business of finance by john kay, public affairs books, 2015. A scathing and wellinformed critique of the financial industry by leading. A bloomberg best book of the year, 2015 other people s money is not merely another broadside content to denounce finance s dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. I was most impressed by how he explained the role of cds credit default swaps, moral hazard, and cdo collateralized debt obligation during the financial crisis in 2008. An introduction to other peoples money by john kay youtube. Review of other peoples money by john kay seeking alpha. Far too much of a good thing the introductory chapter of my latest book other people s money. The real business of finance the thatcherite emphasis on hard work and selfreliance sat alongside a belief that compassion should be. A financial times book of the year, 2015 an economist best book of the year, 2015 a bloomberg best book of the year, 201. Read other people s money the real business of finance by john kay available from rakuten kobo. In other people s money john kay shows in his inimitable style what has gone wrong in the dark heart of finance. His 2015 book other peoples money should be added to the long and sagging bookshelf on how the nature of the financial services industry here denoted fsi, and including both commercial banking and shadow banking.
Kay argues that over the past 40 years, the expansion of the. Oct 23, 2015 his latest book is other peoples money. Other people s money by john kay, 9781610397155, available at book depository with free delivery worldwide. The financial sector is too large and too powerful. Sep 27, 2016 author john kay sets forth the theme of his book, and its title, at the beginning. Other peoples money 2015 offers a detailed breakdown of the financial sector. The real business of finance reprint by professor of. The theme of broken governance and accountability is echoed in economist john kay s other peoples money.
Buy other peoples money book online at low prices in india. Free shipping and pickup in store on eligible orders. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized. And many of the things done by citigroup and goldman do not need to be done at all. Whether his specific proposals are the best approach, policy wont change unless many more people. The theme of broken governance and accountability is echoed in economist john kay s other people s money. Jan 11, 2017 john kay, a distinguished economist with wide experience of the financial sector, argues that the industry s perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere of other people s money. Whether his specific proposals are the best approach, policy won t change unless many more people recognize the. As these three attributes are not always complementary, he is the rarest of breeds. According to john kay, a visiting professor at the london school of economics and a regular contributor to the financial times, the finance sector is too large and too powerful. It was based on the play of the same name by jerry sterner. It is an aberration when some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized.
A financial times book of the year, 2015an economist best book of the year, 2015a bloomberg best book of the year, 2015 the finance sector of western economies is too large and attracts too many of the smartest college graduates. First, a disclaimeri think john kay is a quite brilliant economist, thinker and writer. It is difficult to get a man to understand something, when his salary depends on his not understanding it. A financial times book of the year, 2015 an economist best book of the year, 2015 a bloomberg best book of the year, 2015 other people s money is not merely another broadside content to denounce finances dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. Other peoples money, john kay 9781781254455 boeken. Department of economics and centre for macroeconomics public lecture. Oct 11, 2015 while the gravamen of its complaint is old, other peoples money is not merely another broadside content to denounce finances dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. Other peoples money posted on august 28, 2015 by diane coyle catching up with postholiday stuff has slowed me down, but i finished john kays new book. Where others have jumped in feetfirst, kay provides a headfirst diagnosis of what contribution finance makes to wider society.
Buy other peoples money book online at low prices in. John kay deciphered the complicated world of finance and presented in an intriguing and logical way. A financial times book of the year, 2015 an economist best book of the year, 2015 a bloomberg best book of the year, 2015 other people s money is not merely another broadside content to denounce finance s dysfunction, but rather a masterly attempt to locate its various origins and connect them with analytical and theoretical rigor. Other peoples money posted on august 28, 2015 by diane coyle catching up with postholiday stuff has slowed me down, but i finished john kay s new book. Other people s money is a 1991 american comedydrama film starring danny devito, gregory peck and penelope ann miller. They have flourished, especially since 2008, and will continue to thrive unless and until in kay s words we get back to work. Chair, professor of economics lse, codirector of the centre for macroeconomics. Patrick honohan on an economist who argues that the world financial crisis has been contained but not settled. About the author john kay is a visiting professor at the london school of economics and a fellow of st johns college, oxford. John kay, is a visiting professor of economics at the london school of economics and a fellow of st johns college, oxford university. Common sense suggests that if a closed circle of people continuously exchange bits of paper with each other, the total value of these bits of paper will not change much, if at all. As john kay shows in his new book, other peoples money.
Author john kay sets forth the theme of his book, and its title, at the beginning. Sep 27, 2016 other people s money by john kay, 9781610397155, available at book depository with free delivery worldwide. John kay, a distinguished economist with wide experience of the financial sector, argues that the industry s perceived profitability is partly illusory, and partly an appropriation of wealth created elsewhere of other people s money. The theme of broken governance and accountability is echoed in economist john kays other peoples money. There are those who believe passionately that the real business of finance is to use abuse. Read the introductory chapter of my latest book other peoples money. His new book, other peoples money, is about as good a demonstration of kay s skills as economist, thinker and writer as you are likely to find. John kay, a distinguished economist with wide experience of the financial sector, argues that the industrys perceived profitability is partly illusory and partly an appropriation of wealth created elsewhere of other peoples money. The real business of finance other peoples money by john kay other peoples money 2015 offers a detailed breakdown of the financial sector. Other peoples money the real business of finance by john kay.
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