Originally Published in Madras Courier
Editorial Note
Quantum advancements in telecommunications, coupled with the explosion of the Internet, the World Wide Web and personal computers, entrenched dangerous financialisation of the global economy.
The tentacles of financialisation have captured the world. A well-developed and deep-rooted financial system is indispensable for economic growth and development. Banks — primarily as liquidity providers and transformers, with the supplementary role as centres of information processing and analysing creditworthiness — form the vanguard of socioeconomic change. However, from the intermediary role of a catalyst, the financial sector in developed economies has grown in stature, although it has regressed into a headwind.