Adair Turner has long been at the heart of the British financial world – he was head of the United Kingdom’s Financial Services Authority just as the 2008 financial crisis struck. In this authoritative book, he calls for serious changes and radical ideas. He thoroughly takes apart the flawed assumptions that contributed to the 2008 crisis, and he details the realities of modern economies and financial sectors. Turner explains how and why economies have shifted, and why society’s attitudes toward borrowing, banks and money creation need to change in response. Otherwise, he writes, the world will remain mired in growing debt and recurring boom-and-bust cycles. Turner’s work is a bold challenge to the status quo and a carefully argued wake-up call to leaders in government, finance and business.
In this summary, you will learn
- How economies have changed, thus altering the role of banks;
- Why this shift requires new and different monetary policies; and
- Why the role of the financial sector needs a redesign.
About the Author
Adair Turner, former chairman of Britain’s Financial Services Authority, is chairman of the Institute for New Economic Thinking and the author of Economics after the Crisis.