A Note on the Macro-Economic Crisis
Re-reading Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages by Carlota Perez, I was struck by the following paragraph:
So, once again, the amount of money available to financial capital has grown larger than the set it recognizes as good opportunities. Since it has come to consider normal the huge gains from the successful new industries, it expects to get them from each and every investment and will not be satisfied with less. So rather than go back to funding unsophisticated production, it develops sophisticated instruments to make money out of money. [Italicized and highlighted by IG]
Perez published the book in 2002. Her words of wisdom seem to be appropriate today even more than they might had been then.