alt Hacker NewsCapital markets have existed for hundreds of years. They are not doing anything today that they were not doing in 1602.
I am familiar with the 737 MAX critique and I'm very comfortable saying that Boeing was sloppy and cut corners. I just don't think the decisions they faced and failed on are new. 300 years ago someone built someone a ship and cheaped out in some way and it sank. Call it cheating/lying/scamming if you like, but the word "financialization" does not help anyone understand what's going on.
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estearum • today at 1:22 AM
No actually there was a pretty specific transition in American business culture to shareholder primacy in the 70s-80s with measurable behavior changes across corporate America, including executive incentive structures.
In 1602 a capital market was where a group of 20 people would pool their money to start a new company to build a ship and go to India and steal some resources and then they would be paid out of those resources in proportion to the money they put in. Is that how they work today?