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This isn’t the way it was supposed to be. Market capitalism, as envisioned by Adam Smith, was supposed to funnel our collective savings into productive investment, via the banking system. But today, deep academic research shows that only around 15% of the money flowing from financial institutions actually makes its way into business investment. The rest gets moved around a closed financial loop, via the buying and selling of existing assets, like real estate, stocks, and bonds. - evonomics.com