"I determined absolutely that never would I join a company in which finance came before the work or in which bankers or financiers had a part. And further that, if there were no way to get started in the kind of business that I thought could be managed in the interest of the public, then I simply would not get started at all. For my own short experience, together with what I saw going on around me, was quite enough p…
Institutionalized management rewards a set of skills that are not the ones that create growth, which is sort of the point. They find growth and then "manage," it on behalf of other people who "manage" money. It's the classic principal-agent problem, where managers as a class have enriched themselves at the expense of owners like pensioners, savers, entrepreneurs, and taxpayers.
IMO, the whole managerial problem is caused by a mix of high and complex tax regimes, and low interest rates. The former is a make work policy for a clerical worker class, and the latter means banks become the cultural and political centre of everything. It causes the economic shift from making things people want, to doing things nobody wants.