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We need to guard against destructive creation

We need to guard against destructive creation
By Jagdish Bhagwati (FT)
Published: October 16 2008 19:13

In each case, the assumption was that financial innovation was like non-financial innovation. When the personal computer was invented, the economy profited without upheaval. The typewriter became obsolete – an example of what Joseph Schumpeter famously called “creative destruction”. But with financial innovation, the downside can be lethal – it is “destructive creation”. We have to work hard at defining the downside scenarios.

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