By L. Randall Wray
“Here’s the conclusion, which is very much in line with my post from Monday: “the U.S. financial sector no longer serves the productive sector—in fact, it may be killing it.” Here’s Lynn’s summary of one of the main papers presented at the Rio conference:
William Lazonick, an expert on the history of the American business corporation, points out that the U.S has enjoyed, over its history, an extremely productive economy. We still have important productive assets, but we’re now taking money out of our productive economy instead of investing in it.”…
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