Instability in a Monetary Economy

May 9, 2016, 5:30 PM - 7 PM

Why has the financial crisis of 2008 cast such a long shadow, with global economic recovery so slow and weak? Why is global nominal demand growth anemic despite interest rates stuck close to zero? 

To understand why, Lord Adair Turner argued, we need to return to fundamental issues about the nature of money and debt, which pre-crisis neoclassical economics dangerously ignored. 

The Myron Scholes Global Markets Forum is part of the Initiative on Global Markets (IGM) and is generously sponsored by Myron Scholes. 


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Jennifer Williams

Adair Turner became chairman of the Institute for New Economic Thinking in April 2015, where he was a Senior Fellow from 2013–15, and during which time he wrote his now published book Between Debt and the Devil – Money, Credit and Fixing Global Finance (Princeton 2015). Prior to that he chaired the UK Financial Services Authority (2008–2013) and played a leading role in the redesign of the global banking and shadow banking regulation as Chairman of the International Financial Stability Board’s major policy committee.


Lord Turner has combined a business career with public policy and academia. He was at McKinsey from 1982–95 , building McKinsey’s practice in East Europe and Russia in the early 1990s, and was Director General of the CBI (Confederation of British Industry) 1995–2000. He was vice chairman of Merrill Lynch Europe (2000-06) and a non-executive director of a number of companies, including Standard Chartered plc (2006–08). In 2015 he joined the board of UK start-up bank OakNorth, and was appointed non-executive director at Prudential plc. In 2005 he became a cross-bench member of the House of Lords; served as the first Chairman of the Climate Change Committee (2008–12), and chaired the Pensions Commission (2003–06) and the Low Pay Commission (2002–06). He has also been a trustee of the British Museum since 2013. 

In addition to his latest book, other publications include 'Just Capital-The Liberal Economy’ (2001)' and 'Economics After the Crisis' (2012). He is Senior Fellow at the Centre for Financial Studies (Frankfurt); a visiting professor at the London School of Economics and at Cass Business School; and as of recently, Visiting Fellow at the People’s Bank of China School of Finance, Tsighua University (Beijing) and visiting professor at the International Center for Islamic Finance (INCEIF) in Kuala Lumpur.

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