The money trap

摘要

What is the finance sector for? This vital question is all too often forgotten in the debate about the debt crisis of 2008 and its aftermath; it certainly seemed to be forgotten by bankers in the build-up to the debacle. But if the world is to avoid future banking collapses, or at least limit their economic impact, people need to think clearly about the issue. John Kay's new book, "Other People's Money", does the job; it should be read by everyone concerned with preventing the next crisis. The early books after the crash, like Andrew Ross Sorkin's "Too Big to Fail", analysed how the collapse unfolded in minute detail; Mr Kay, an academic and columnist for the Financial Times, takes the longer and broader view.