Non-bank financial intermediation has enabled a lot of this borrowing, and cross-border flows of funds into equity and debt have grown as sources of capital flows. An increasing proportion of corporate bonds are being packaged and sold to retail investors in exchange-traded funds (ETFs). These investors are looking for higher returns, but with the sort of liquidity that they associate with equities.
This is a revolutionary notion; we have grown up in a culture where work and happiness are at opposite ends of the spectrum. Work is a chore, a necessary evil, and happiness is for the weekend, our vacation, and blissful retirement, when someone will pay you a salary to do absolutely nothing. However, many of us have realised that we enjoy working.