Sorry, you must be a member of this group to do that.
Lord Adair Turner, who took over as Chair of the UK financial regulator (then called the Financial Services Authority) in 2008, just as the system was crashing around it, reflected when the dust settled that: ‘financial services (particularly wholesale trading activities) include a large share of highly remunerated activities that are purely distributive in their indirect effects… the ability of national income accounts to distinguish between activities that are meaningfully value-creative and activities that are essentially distributive rent extraction is far from perfect’.30
