I can't help but wonder if there's a middle ground between people not being able to obtain credit to pursue new enterprises, and entire productive enterprises being swallowed up in the pursuit of short-term rent seeking.
Could such a middle ground exist? Sure. Could someone design a system where that middle ground was a natural equilibrium? Unsure. I don't see how you incentivise the goldilocks behaviour (but I am not the smartest bear so maybe someone else can)
There's a good book on this topic by a Scottish philosopher: An Inquiry into the Nature and Cauſes of the Wealth of Nations by Adam Smith, LL. D. and F. R. S, formerly Profeſſor of Moral Philoſophy in the Univerſity of Glasgow.
The economy is not a fixed pie that you can just take slices from one sector and give them to another. Financial services provide liquidity that supports every other sector; getting rid of them would cause contraction in every other sector.
That's true to a degree. But giving them free reign inventivizes the kind of behavior that gave us the 2008 financial crisis. So the commenter can be forgiven for wanting to limit that sector.
I'm banking on Space Emperor Elon. If he can form a Musk Sphere around Mars, he should be able to generate enough energy to push Deimos into Earth reasonably fast. Of course, he doesn't have to actually do it. Instead, he could extract tribute and demand we push 50M people into a volcano each year in exchange for not extincting us. In just a few decades, most all our issues resolve.
Financial services makes the unrealistic consumption of rich countries possible. That’s worth 9%.