Financial Services Industry
From Open Source Ecology
Figures
- 7% of US GDP - [1]
- 20% of US GDP - [2]
Analysis
- Simplistic analysis - If 20% of US GDP - then 1 in 5 people work in the financial industry? If not, then there is concentration of capital.
- One must remember that the reason why financial services are huge - is the unbridled productivity of modern machines, such as 500hp tractors and 450 ton dumptrucks costing $6M.
- Financial services are not completely out of control - not like they are as large or larger than the rest of the economy.
- If the growth of finance capital continues, several historical cased all ended up in collapse. This is a thing: called Financialization
- It is also instructive to read about Finance Capitalism as opposed to liberal capitalism.
