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Moneycontrol Pro Weekender | Casino Capitalism
The GameStop saga has cast spotlight on the casino economy, long propped up by governments and central banks
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Dear Reader,
John Maynard Keynes warned us as far back as 1936 that “When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done”. Eighty-five years later and thirty-five years after Susan Strange wrote her seminal work ‘Casino Capitalism’, few people are bothered about the real economy. Instead, the way to improve the real economy, so goes the received wisdom, is through the financial one. What is good for the casino is good for the economy. At least, that is what the high priests of finance tell us. ....

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