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    In this nightmare vision of cats in revolt, fifteen-year-old Alex and his friends set out on a diabolical orgy of robbery, rape, torture and murder. Alex is jailed for his teenage delinquency and the State tries to reform him - but at what cost?

    The effects of financialisation on investment: evidence from firm-level data for the UK Progressive Post

Author : Daniele Tori and Özlem Onaran
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This paper estimates the effects of financialisation on physical investment in the UK using panel data based on balance sheets of publicly listed non-financial com-panies supplied by Worldscope for the period from 1985 until 2013. We find robust evidence of an adverse effect of not only financial pay- ments (interests and dividends) but also financial incomes on the rate of accumulation. The negative impacts of financial incomes from interest and dividends are particularly strong for the pre-crisis period. Our findings support the ‘financialisation thesis’ that the increasing orientation of the non-financial sector towards financial activities is ultimately leading to lower physical invest- ment and hence to stagnant or fragile growth, as well as to long- term concerns for productivity. Find the publication Here