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The Finance Curse

Π—Π°Ρ€Π΅Π³ΠΈΡΡ‚Ρ€ΠΈΡ€ΡƒΠΉΡ‚Π΅ΡΡŒ Π½Π° getAbstract, Ρ‡Ρ‚ΠΎΠ±Ρ‹ ΠΏΠΎΠ»ΡƒΡ‡ΠΈΡ‚ΡŒ доступ ΠΊ этому ΠΊΡ€Π°Ρ‚ΠΊΠΎΠΌΡƒ излоТСнию.

The Finance Curse

How the Outsized Power of the City of London Makes Britain Poorer

The Guardian,

5 ΠΌΠΈΠ½ Π½Π° Ρ‡Ρ‚Π΅Π½ΠΈΠ΅
5 основных ΠΈΠ΄Π΅ΠΉ
Аудио ΠΈ тСкст

Π§Ρ‚ΠΎ Π²Π½ΡƒΡ‚Ρ€ΠΈ?

Britain’s economy creates wealth forΒ financial industry moguls at the expense of everyone else.

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Editorial Rating

8

getAbstract Rating

  • Controversial
  • Eye Opening
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Recommendation

A thriving, dominant sector that draws money from around the world should help a country’s economy and benefit most of its people. But nations that boast abundant natural resources have a long history of passing profits to the wealthy as the rest of the populace becomes poorer. Journalist Nicholas Shaxson asserts that a similar pattern occurs in London’s financial sector, where growing wealth has inflated asset prices, promoted tax dodges and enriched a small segment of the population. His call for change may raise some eyebrows, but it may also open some policy makers’ and taxpayers’ eyes to a significant economic imbalance.

Summary

The United Kingdom and Angola may not appear to have much in common, but one feature unites them: the impact a dominant sector has on wealth distribution and the economy. In Angola, wealth from oil and other abundant natural resources trickles through to a small part of the population, while the fortunes of most people deteriorate. The pattern is so predictable that economists call it β€œthe resource curse.” In London, a thriving financial sector has long attracted vast wealth. But like the resource curse in Angola, the β€œfinance curse” in Britain hurts the economy in a number of ways: It draws the brightest workers away from careers...

About the Author

Nicholas Shaxson is a journalist and the author of Treasure Islands and The Finance Curse. 

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