Zero to One: Notes on Startups, or How to Build the Future · chapter 1 · id zero-to-one-c1-05-the-1982-bull-market-marked-a-

“The 1982 bull market marked a shift from indefinite pessimism to indefinite optimism, as finance grew from 4.9% to 7.9% of GDP -- capital flowed to financial engineering rather than building new things.”

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Receipts

Greenwood & Scharfstein (2013) -- The Growth of Finance, Journal of Economic Perspectivessource alive

Finance grew from 4.9% of GDP in 1980 to 7.9% in 2006. Asset management and credit intermediation drove the expansion.

The Century Foundation -- Financialization PrimerFLAGGED: dead link (404)

Financialization began not in 1982 but with the collapse of Bretton Woods in 1971 and Nixon's abandonment of the gold standard.

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