S7 E7: Gilded Age 2.0
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Financialization of the Economy
- The destruction of American jobs and decline in job quality were accelerated by financialization.
- Financialization, according to Marjorie Kelly, involves excessive financial wealth concentrated in a small number of hands.
- It's a significant yet often overlooked problem.
- The 'real economy' consists of businesses producing goods and services, with money circulating through purchases and wages.
- Financial assets include stocks, bonds, real estate, and debt, and these have grown disproportionately compared to the real economy.
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