“Financial markets are not an end in themselves, but a means: they are supposed to perform certain vital functions which enable the real economy to be more productive: (a) mobilising savings, (b) allocating capital, and (c) managing risk.” The financial crisis was a direct result of treating the creation of financial products as an end in itself – as a valuable driver of economic growth independent of the products’ effects.
Read the full report here
Tuesday, August 25, 2009
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