We're ready to have a financial sector that basically serves the interest of people in the financial sector, rather than, in the way all other businesses in competitive markets have to do, judge their success by how good they are at meeting the needs of their users.

Economist John Kay explains how the financial sector turned from the economy's servant to its master, who writes government reformers out of their own policies, and why the key to reclaiming economic wellbeing for the majority of people is to refocus the financial sector on meeting the needs of the economy at large.

John is author of the new book Other People's Money: The Real Business of Finance from Public Affairs.