Rana Foroohar on the Financial Sector and Makers and Takers

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4.7 • 4.4K Ratings

🗓️ 17 April 2017

⏱️ 64 minutes

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Summary

Journalist and author Rana Foroohar of the Financial Times talks with EconTalk host Russ Roberts about her book, Makers and Takers. Foroohar argues that finance has become an increasingly powerful part of the U.S. economy and has handicapped the growth and effectiveness of manufacturing and the rest of the economy.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:08.5	I'm your host, Russ Roberts of Stanford University's Hoover Institution.
0:13.1	Our website is econtalk.org, where you can subscribe, comment on this podcast, and find
0:18.1	links and other information related to today's conversation.
0:21.0	You'll also find our archives where you can listen to every episode we've ever done
0:25.2	going back to 2006.
0:27.5	Our email address is mailadycontalk.org.
0:30.0	We'd love to hear from you.
0:31.5	Today is March 20th, 2017, and my guest is author, journalist, and commentator, Rana Farouar.
0:41.1	She is a columnist at the Financial Times and the author of Makers and Takers, the rise
0:46.3	of finance in the fall of American business, which is the subject of our conversation
0:51.0	today, Rana.
0:52.0	Welcome to Econ Talk.
0:53.0	Thank you so much for having me, Russ.
0:55.0	I want to start with the rise of the financial sector, which is one of the themes you're
0:58.8	book, and I want to start with, quote, you say, how did finance a sector that makes up
1:03.5	7% of the economy and creates only 4% of the jobs of all jobs come to generate almost
1:09.6	a third of all corporate profits in America at the height of the housing boom from some
1:14.0	10% of the slice it was taking 25 years ago.
1:17.2	So why is this alarming?
1:19.0	And what does it tell us?
1:20.4	Well, you know, I would start by saying the financial sector or financial services, and
	...

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