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At the height of the global financial crisis in 2008/9, as the then chairman of the Financial Services Authority, Lord Turner argued that the City in London’s financial sector had become ‘socially useless’. In the following years, he played a leading role in the redesign of global banking regulation as Chairman of the International Financial Stability Board’s major policy committee. In his latest book Between Debt and the Devil: Money, Credit and Fixing Global Finance (Princeton), he explains how our addiction to private debt has caused a global financial crisis.
How can we fix finance so that it is socially useful and helps to transform developing economies? How did the financial crisis affect developing nations and how can they ensure economic growth without sanctioning debt?
At ODI, the Supporting Economic Transformation (SET) and the DFID-ESRC Growth Research Programme (DEGRP) programmes are working on issues such as how the financial sector can be managed so that it contributes to inclusive economic transformation.
The book will be available for sale and Lord Turner will be signing copies after the event.
Lord Adair Turner – Former Chairman, Financial Services Authority
Stephany Griffith-Jones – Professor IPD, Columbia; Senior Research Associate, ODI and Lead Researcher, DFID-ESRC Growth Research Programme (DEGRP)
12:00 – 12:30: Lunch
12:30 – 13:05: Introduction, keynote and comments
13:05 – 14:00: Q&A
Two page key points from book
ODI/DEGRP project: Financial regulation in low-income countries
DEGRP Policy essays: Sustaining growth and structural transformation in Africa
Photo credit: Jonathan Ernst