Impact Investors

The Ethical Financialization of Development, Society and Nature

Authored by: Paul Langley

The Routledge Handbook of Financial Geography

Print publication date:  December  2020
Online publication date:  December  2020

Print ISBN: 9780815369738
eBook ISBN: 9781351119061
Adobe ISBN:

10.4324/9781351119061-18

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Abstract

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.

(Turner, 2009a)

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