The Growth of Financial Markets Within the Economy as a Whole

Finance expert Grace Blakeley is a staff writer for Tribune magazine. She has served as economics commentator for the New Statesman and as a fellow at the Institute for Public Policy Research's Centre for Economic Justice. She is the author of two books, Stolen: How to Save the World from Financialization and The Corona Crash: How the Pandemic Will Change Capitalism, and editor of the book Futures of Socialism. 

Blakeley's writings argue that the finance sector has taken on an outsized role in the economy, with terrible results for working people. She shows how the profits of financiers have become more important than satisfying human needs, and analyzes the history of capitalism to expose the forces driving the increase in inequalities of wealth and power. In her latest book, she shows how the pandemic has worsened these tendencies. Importantly, Blakeley also provides solutions, showing what it would mean to "democratize the financial sector" and why we should be confident that it's possible. 

In this conversation, Blakeley explains for non-finance experts how the "financialization" of an economy works and why it causes crises.