Government police in the UK was squarely behind financialization, the primacy of 'services' over 'manufacturing'. Government doesn't need to own or subsidize industries to have an industrial policy, it starts with educational policies, continues with tax policies and the provision or guarantee of credit. Instead of a sensible industrial policy you got the "Big Bang", the total liberalization of financial markets. If an industry could grow and thrive under this regime, then that's OK because its all grist to the financial mill. Anything else -- and I mean anything else (expect any industries needed for defence and maintaining civil order) that's not making the right level of profit can just go to the wall.
Biting the hand that feeds IT
