EPISODE · Feb 29, 2024 · 49 MIN
When a Few Financial Institutions Control Everything, with John Coates
from Capitalisn't · host University of Chicago Podcast Network
In his recent book, "The Problem of Twelve: When a Few Financial Institutions Control Everything," Harvard law professor John Coates sheds light on the secrecy, lack of public accountability, concentrated power, and the disproportionate influence of a select few institutions in our financial system.Coates joins Bethany and Luigi to dissect the potential dangers of this era of financial consolidation and explore possible solutions, including accountability and transparency, to ensure a more equitable economic system. Specifically examining the "Big Four" index funds (Vanguard, State Street, Fidelity, and BlackRock) — that collectively hold more than twenty percent of the votes in S&P 500 companies — and the transformative rise of private equity funds, they discuss the challenges posed by concentrated financial power and its impact on markets, economies, and society at large. Show Notes:Read an excerpt of Coates' book (Columbia Global Reports) on ProMarketRevisit our earlier conversation with Hélène Landemore, referenced by Luigi in this episode"The book is available via Columbia Global Reports." Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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In his recent book, "The Problem of Twelve: When a Few Financial Institutions Control Everything," Harvard law professor John Coates sheds light on the secrecy, lack of public accountability, concentrated power, and the disproportionate influence of a select few institutions in our financial system. Coates joins Bethany and Luigi to dissect the potential dangers of this era of financial consolidation and explore possible solutions, including accountability and transparency, to ensure a more equitable economic system. Specifically examining the "Big Four" index funds (Vanguard, State Street, Fidelity, and BlackRock) — that collectively hold more than twenty percent of the votes in S&P 500 companies — and the transformative rise of private equity funds, they discuss the challenges posed by concentrated financial power and its impact on markets, economies, and society at large.
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When a Few Financial Institutions Control Everything, with John Coates
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