Nesta, 1 Plough Place, EC4A 1DE
We held a conversation with John Kay, visiting professor at the London School of Economics, and a Fellow of St John's College, Oxford. John discussed his new book Other People’s Money: Masters of the Universe or Servants of the People? with Stian Westlake, Executive Director – Policy and Research, Nesta.
Industry insider John Kay argues that the finance world's perceived profitability is not the creation of new wealth, but the sector's appropriation of wealth - of other people's money. The financial sector, he shows, has grown too large, detached itself from ordinary business and everyday life, and has become an industry that mostly trades with itself, talks to itself, and judges itself by reference to standards which it has, itself, generated. And the outside world has adopted those standards, bailing out financial institutions that have failed all of us through greed and mismanagement.
John is a director of several public companies and contributes a weekly column to the Financial Times. He chaired the UK government review of Equity Markets which reported in 2012 recommending substantial reforms. He is the author of many books, including The Truth about Markets (2003) and The Long and the Short of It (2009) and Obliquity (2010), published by Profile Books.