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Amidst the global financial crisis, Adair Turner sparked a media and
political storm in the United Kingdom when he described aspects of financial
innovation as ‘socially useless’. As he put it: It is hard to distinguish between valuable financial innovation and
non-valuable. Clearly, not all innovation should be treated in the
same category as the innovation of either a new pharmaceutical drug or
a new retail format. I think that some of it is socially useless
activity.
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