This conversation was recorded on November 16th, 2022. In her book Direct: The Rise of the Middleman Economy and the Power of Going to the Source, law professor Kathryn Judge examines the changing role of intermediaries in the economy. Judge, an expert on banking, financial markets, and regulation, is the Harvey J. Goldschmid Professor of Law and Vice Dean for Intellectual Life at Columbia Law School. Together with Martin Reeves, Chairman of BCG Henderson Institute, Judge discusses both the positive and negative impacts of intermediaries in the economy. She explains that although they have undoubtedly created new value, in some cases middlemen have become entrenched over time, leading to market distortions and new sources of fragility. While markets have started to self-correct, regulators will also have a crucial role to play. Judge proposes a balanced way forward, emphasizing the possibilities of direct exchange. *** About the BCG Henderson Institute The BCG Henderson Institute is the Boston Consulting Group’s think tank, dedicated to exploring and developing valuable new insights from business, technology, economics, and science by embracing the powerful technology of ideas. The Institute engages leaders in provocative discussion and experimentation to expand the boundaries of business theory and practice and to translate innovative ideas from within and beyond business. For more ideas and inspiration, sign up to receive BHI INSIGHTS, our monthly newsletter, and follow us on LinkedIn and Twitter. This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy