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The Problem of Twelve: When a Few Financial Institutions Control Everything PDF

149 Pages·2023·5.5 MB·English
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by John Coates| 2023| 149 pages| 5.5| English

About The Problem of Twelve: When a Few Financial Institutions Control Everything

The forces behind an economic and political crisis in the makingA “problem of twelve” arises when a small number of institutions acquire the means to exert outsized influence over the politics and economy of a nation.The Big Four index funds of Vanguard, State Street, Fidelity, and BlackRock control more than twenty percent of the votes of S and u0026P 500 companies–a concentration of power that’s unprecedented in America. Then there’s the rise of private equity funds such as the Big Four of Apollo, Blackstone, Carlyle and KKR, which has amassed $2.7 trillion of assets, and are eroding the legitimacy and accountability of American capitalism, not by controlling public companies, but by taking them over entirely, and removing them from public discourse and public scrutiny.This quiet accumulation in the last few decades represents a dramatic transformation in how the American economy operates–a sea change that few of us have noticed and all of us need to consider. Harvard law professor John Coates forcefully calls our attention to what is sure to be one of the major political and economic issues of our time.

Detailed Information

Author:John Coates
Publication Year:2023
ISBN:9798987053546
Pages:149
Language:English
File Size:5.5
Format:PDF
Price:FREE
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