[sergiomattei]

In my view, the stagnant part begins when extractive industries grow uncontrollably (think financial services). Yes, money is slushing around and line goes up, but ultimately the value production behind it remained the same.

Money is detached from real output. Especially true in a zero interest rate environment like we had until recently.

There is no reinvestment when rent-seeking activities and financialization take place. Wealth is accumulated but not reinvested for greater growth.

> in venture capital you only get returns if you produce value

Is that so?