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The Future of Finance: the LSE report

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Adair Turner, Andrew Haldane, Paul Woolley, Sushil Wadhwani, Charles Goodhart, Andrew Smithers, Andrew Large, John Kay, Martin Wolf, Peter Boone, Simon Johnson and Richard Layard
LSE (16 August 2010)

What is the financial system for? What is the future of finance? The LSE report is published.

This book presents a novel approach to the reform of the world's financial system, starting with the basic question, what is a financial system for? It shows that the existing system has become far more complicated than it needs to be to discharge its functions - and dangerously unstable into the bargain. It proposes some drastic remedies.

The Future of Finance: the LSE report is the work of a group of leading academics, financiers, journalists and officials from the UK's Financial Services Authority, the Bank of England and the Treasury. They met twelve times, for what many of those present described as the best and most searching discussions they had ever participated in.

The first author is Adair Turner, chair of the Working Party of the G20 Financial Stability Board reporting to the G20 Summit in November 2010; the others are major international players in policymaking or public debate.

The authors are:

  • Adair Turner, chairman, Financial Services Authority
  • Andy Haldane, executive director of Financial Stability, Bank of England
  • Paul Woolley, senior fellow, The Paul Woolley Centre for the Study of Capital Market Dysfunctionality, LSE
  • Sushil Wadhwani, CEO Wadhwani Asset Management and visiting professor at LSE and CASS Business School
  • Charles Goodhart, emeritus professor of banking and finance, LSE
  • Andrew Smithers, founder of Smithers and Co
  • Andrew Large, former deputy director, Bank of England
  • John Kay, visiting professor, LSE
  • Martin Wolf, Financial Times
  • Peter Boone, executive chair, Effective Intervention
  • Simon Johnson, Ronald A Kurtz Professor of Entrepreneurship at MIT's Sloan School of Management, and senior fellow, Peterson Institute for International Economics
  • Richard Layard, emeritus professor of economics, LSE

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'Here the leading figures in the British debate tell us how to think about the process of financial reform. Not just in Britain but in the United States and globally.'
Barry Eichengreen - University of California, Berkeley

'It is refreshing that the London School of Economics is re‐establishing its traditional leadership in social science research oriented towards social welfare advancement.'
Jean Charles Rochet - University of Zurich and Toulouse School of Economics

'As we look forward to the reform of the financial system, there is a need for a more fundamental review of the nature of financial intermediation, its scope and size. This volume is in the best traditions of the LSE in weaving together the perspectives of academics and policymakers to address a topic of great importance. It is a must read for anyone who wishes to delve deeper into the policy issues.'
Hyun Song Shin - Princeton University

The Future of Finance