In 2008, a paper was published on wages and human capital in the financial industry in the US between 1900 and 2005. You too can download the paper here. The figures in the paper tell their own tale or tell all the tales that need to be told. Given that backdrop, this news-story in the FT is a positive story from the point of macro-economic balance and stability in the West and elsewhere. Finance has to find its rightful proportionate place in the overall economy and not be allowed to maintain its current outsized role. It appears that the trend has begun, notwithstanding resistance from politicians, bankers and their backers in the media, etc. Events are unfolding as they should.
DISCLAIMER: This is an archived post from the Indian National Interest blogroll. Views expressed are those of the blogger's and do not represent The Takshashila Institution’s view.