The American economy is once again experiencing a concentration of financial power in a few hands, but this time around the actors are much less familiar. As John Coates shows in his new book, The Problem of 12: When a Few Financial Institutions Control Everything (https://globalreports.columbia.edu/books/the-problem-of-twelve/#:~:text=When%20a%20Few%20Financial%20Institutions%20Control%20Everything&text=A%20%E2%80%9Cproblem%20of%20twelve%E2%80%9D%20arises,and%20economy%20of%20a%20nation.), the prevalence of index funds and private equity funds in public investments has grown exponentially in recent years. Coates joins host Richard Aldous to discuss how the small number of companies managing so much of Americans’ wealth poses risks both to economic stability and American democracy.
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