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Consumptionomics by Chandran Nair

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Finance

Finally, an area in special need of attention is finance. As we saw during the global financial crisis, banks that know their governments will bail them out will inevitably take on too much risk. But more important than this, governments must also address finance’s role as business’s great enabler. This requires setting frameworks governing not just the risk banks take, but what their money is doing.

Financial systems do perform vital functions, but their participants must not be allowed to extend their business beyond these functions unless they can clearly demonstrate that benefits will arise – and not just benefits to the pay packets of bankers. In particular, claims that any new product ‘adds value’ would have to be closely scrutinized. ...

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