• Corpus ID: 151205865

On the efficiency of the financial system

  title={On the efficiency of the financial system},
  author={James Tobin},
The United States, as befits the major capitalist economy of the world, has the largest, most elaborate, most sophisticated financial industry in the world. New York is rivalled only by London, which thanks to long-standing international connections and experience, maintains a financial role disproportionate to Britain's declining position in world trade and production. Moreover, finance is one of America's rapid growth sectors. 

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