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Making Money
S4E6: How finance shapes the world - Professor Philip Roscoe
Aug 5, 2024
Professor Philip Roscoe, a Management expert at the University of St Andrews and author of 'How To Build A Stock Exchange,' dives into how finance shapes our lives. He reveals the chaotic interplay between shareholder value and public welfare, and discusses the historical ties between finance and imperialism. Roscoe reflects on lessons from the dot-com era, advocating for personal responsibility in investing. Moreover, he emphasizes the evolving nature of finance as a social technology, urging a reevaluation of its moral implications.
01:14:15
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Quick takeaways
- Finance fundamentally shapes our world, with stock exchanges influencing economies and leading to the dominance of a few powerful investment firms.
- A nuanced understanding of finance reveals it as a narrative shaped by human behavior, often misrepresented by oversimplified risk assessments.
Deep dives
The Dominance of Finance in Today's World
The current world is significantly shaped by finance, largely illustrated through the lens of stock exchanges. The transformation of institutions like the London Stock Exchange has fundamentally altered the mechanisms of the economy, leading to the emergence of a select few powerful investment firms that control vast financial resources. These financial entities often prioritize short-term shareholder value over long-term sustainability, which can exacerbate societal issues, such as resource depletion and environmental degradation. The intertwining of finance with everyday problems indicates that success and failure in markets have profound implications on local and global scales.
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