US financial sector GDP share growth doubled after capital controls were lifted

Evidence

As national and international controls over the flow of financial capital were gradually lifted, financial activities expanded exponentially: in the United States, the total financial sector share of gross domestic product increased at a faster rate between 1980 and 2007 (13 basis points of GDP per annum) than it had done in the prior thirty years (7 basis points of GDP per annum) and more than doubled between 1970 (4% of GDP) and 2007 (9% of GDP). The growth rate of financial securities (activities typically associated with investment banks and asset management firms) was even more staggering: from just over 1 percent of GDP in 1980 to just under 5 percent in 2007. — Aris Komporozos-Athanasiou, Speculative Communities, 107

Categorization

• SHARE: Concrete stat set for someone tracking financialization history — the 1980-2007 vs prior-30-years basis-point comparison is the sharp number.
• XREF: connects to: US financialization accelerated sharply after 1980 deregulation — Aris Komporozos-Athanasiou, Speculative Communities: Living With…, 71

Broader Connections

• US financialization accelerated sharply after 1980 deregulation #corroborates (0.85) — Aris Komporozos-Athanasiou, Speculative Communities, 71