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eurogreen:
it seems intuitively obvious that high rates of return on capital are only possible in a growing economy

Which leads us to consider the prodigious rise of the financial sector. Which compensates for lack of growth by whipping up high rates of return based on the capture of future flows.

No growth now? Mine the future!

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Aug 18th, 2014 at 07:00:37 AM EST
[ Parent ]
This is emphasised by Streeck, who notes the huge growth of the financial sector starting from the 80s (public debt boom) and contin through the 90s and 2000s (private debt boom) -- a real goldrush.

Where now for capital? To the moooon?

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Mon Aug 18th, 2014 at 09:02:04 AM EST
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