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Prospect’s new issue: how finance grew too big


Winston Churchill once remarked, when he was chancellor of the exchequer, that he would rather have finance less proud and industry more content.

Were he still alive, Churchill would find the position little changed: industry remains frustrated by its low relative status in the British economy. But the issue with finance is now not so much its pride (although that remains considerable) as its size. Finance has grown way too big relative to the real economy. In this month’s cover story, I explore the reasons that made this—and the…

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