Instability in a Monetary Economy

May 9, 2016, 5:30–7 p.m., Gleacher Center

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.

Speaker Profile

Adair Turner became chairman of the Institute for New Economic Thinking in April 2015, where he was a senior fellow from 2013 to 2015, 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 (2008–13) 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.