Chapter 6. The Multiplier Effect of New Distribution Channels
Among the most fundamental changes the U.S. economy has seen is what economists call disintermediation—bypassing traditional delivery channels to distribute goods and services. It began in the late 1950s in the financial world. People took their money out of banks (their traditional intermediaries for savings) and shopped around for higher rates of return elsewhere. This spurred the growth of mutual funds, reshaped life insurance into a more sophisticated financial instrument, and led to the invention of real estate investment trusts and other tax-sheltered investments. Eventually it led to shopping on the Internet for the best mortgage and CD interest rates.
Disintermediation has come ...
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