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The equity culture is a fairer way to spread gains

Unlike in Europe, America’s virtuous circle means equity investments at the heart of Silicon Valley get recycled from established successes.

The world is over-leveraged. The 1990s were about raising equity capital and investing, but since then global debt has risen 40%.

We desperately need to revive our equity culture to help entrepreneurs build businesses, boost future growth and widen the benefits of ownership.

Equity funds’ investment in growth technologies enables the gains to be distributed more broadly because productivity increases lead to higher real wages.