The Growth of Financial Services in the U.S.

“The financial services sector as a whole accounts for more than 20 percent of US GDP, and this share has grown by around 10 percentage points since the 1970s. Additional expansion has taken place in the business services sector, encompassing law and accounting firms and other outgrowths of a financialized economy. Overall, it seems reasonable to conclude that Wall Street in its various forms accounts for around 20 percent of total US income, a share comparable to that of the US government.”

John Quiggin, in Jacobin, on whether the growth of the financial sector has paid off for America. Read more on banking.

***

We need your help to get to 5,000 Longreads Members.

Join Longreads now and help us keep going.