IThe Overbuilt House of ClaimsExtractive Ownership as the Cause of Financial Collapse
The modern economy is built largely on the framework of a single kind of ownership: the publicly held company, with ownership shares trading in stock markets. It is an industrial-age model of ownership. Its purpose is manufacturing financial wealth in endlessly growing quantity. Because financial wealth is a claim against real wealth—a claim on future wages or housing values or company profits—this form of ownership works by extraction. We can call it extractive ownership. One sector where this model has been particularly pernicious is the mortgage and banking industry. A reasonable amount of wealth flowing to the financial industry is normal and healthy. Yet ...
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