Essay question ‘The industrial revolution was built on the ability of entrepreneurs to float…

Essay question ‘The industrial revolution was built on the ability of entrepreneurs to float companies and obtain funding. Today, it is often argued that stock exchanges force firms to be focused too much on the short term, making it hard to raise long-term funds. Private equity firms see themselves as addressing this shortcoming of stock markets. The amazing thing about private equity is not its recent appearance but that it took so long to appear.’ Discuss.