Governance, regulation and the law
What were the key institutional changes that unleashed the finance franchise, turning credit into fuel for financial rather than real economic expansion? How can we connect developments such as the end of US dollar gold convertibility, the repeal of Glass-Steagall, or the taming of inflation and the global diffusion of central bank independence? The law, including legal loopholes and their exploitation for profit, are essential to making money. What role do regulatory arbitrage, law firms and law enforcement play in keeping that business profitable?