> should be born by the public rather than the financial sector.
Given the size of the financial sector, I am not sure those are not all that different.
Given the size of the financial sector, I am not sure those are not all that different.
Financialization occurs when you can be explicit about costs and benefits. Finance does it with dollars, IT does it with bytes.
There is certainly a case to be made that it's gone too far. But honestly you should be pleased if people can move billions of dollars to a positive end with a mouse click.
Stock values follow profit. If the finance industry can encompass 100% GDP and break down everything into profit and costs that can be allocated to the individuals with the correct risk profile, we're doing extremely well.
There are ideologically pro-finance economists who strongly reject this assessment [1].
[1] https://www.ft.com/content/4b70ee3a-f88c-11e4-8e16-00144feab...
I do however doubt there are many economists who would be against the idea of digitizing cash flows, losses, and profits. It just makes for more efficient decision making. The two - ideally - aren't materially different.