Finance and the Economy — Jan Toporowski

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[I]t is wrong to approach the financial markets as being brought into equilibrium by some kind of price system. They are not brought into equilibrium; they are, for most of the time, in a state of disequilibrium. And the important thing is to understand what that disequilibrium does to the markets, and how it changes them. [W]hich really requires quiet a lot of thinking through but also research in the business press, in the financial press, so that you can understand the connections between the various markets.

Jan Toporowski, between time marks 02:20 - 03:04 

What Toporowski appears to be arguing is that the funding of nationwide pension schemes has boosted capital markets, especially equity markets, which in turn have become self-inflating through a bias toward very large corporations that "overcapitalise", crowding out smaller firms, and thus making capital markets less effective in supporting investment than they could or ought to be.