John Kay, a visiting professor of economics at the London School of Economics, is a fellow at St John’s College, Oxford, the British Academy, and the Royal Society of Edinburgh.
Oct 7, 2015 explains why it is so difficult for investors to buck an unsustainable price boom.
Cryptocurrencies have given rise to an entire new criminal industry, comprising unregulated offshore exchanges, paid propagandists, and an army of scammers looking to fleece retail investors. Yet, despite the overwhelming evidence of rampant fraud and abuse, financial regulators and law-enforcement agencies remain asleep at the wheel.
Worsening economic inequality in recent years is largely the result of policy choices that reflect the political influence and lobbying power of the rich. There is now a self-reinforcing pattern of high profits, low investment, and rising inequality – posing a threat not only to economic growth, but also to democracy.
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