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.”
TRUE, BUTconfidence: medium⚠ extracted by pipeline, re-audit pending
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.
This claim is a stable, citable object. If you can falsify a verdict, tell us. Corrections are loud here.