[marcosdumay]

Governments pick the size of their country's financial markets when they decide what parts of society get traded in those markets.

Pension and healthcare are the two most obvious pieces governments can decide to "make it themselves" or "let companies solve it", and the later option creates the pieces of paper that get traded in financial markets and "frees" money to buy those papers.

And the article ends with the obvious notice that "large markets" is not something good by itself.