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The power-shift towards finance became self-reinforcing. Financial institutions deployed their increased lobbying power successfully against the legal barriers between speculative and retail banking [...] This drew creative effort and investment into the monetary system itself, and away from the pr…

[...] the publication in 1973 of Fischer Black and Myron Scholes's algorithm for the pricing of options.

Before Black and Scholes's work, derivatives had been a small fraction of all investments, essentially the contracts known as 'futures,' [...] Black and Scholes's algorithm allowed almost eve…

Positionality is a valuable concept for anyone who is interested in making society more fair, because it highlights the fact that the system is not composed entirely of people who believe in it and want it, but perhaps very largely of people who have been dragooned into it and would love to be free…