The hunt for culprits after the Wall Street meltdown of 2008 has obscured systemic changes in the way financial markets work today, according to a fascinating new article in The International Economy. Co-written by Ev Ehrlich, a PPI Senior Fellow, and Michael Mann, the article argues that market players increasingly devote their energies to rearranging wealth rather than creating it by efficiently pricing companies and securities. Corrective regulation, they add, should focus not on who is allowed to do what, but on what market actors are allowed to do.
Continue reading below:
[gview file="https://www.progressivepolicy.org/wp-content/uploads/2017/01/Whom-Do-Todays-Financial-Market-Serve.pdf" title="report-fighting-poverty-with-hope"]