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Transforming Our Economy

About This Collection

Inspired by the Capital Institute's Third Millennium Economy initiative, this collection highlights those voices - ecological economists, sociologist, finance professionals, environmentalists, community developers - advocating a restructuring of our economy to transition to a truly sustainable economic system.

Curated by mokiethecat

Radical structural changes to the financial & banking systems by Adair Turner

Lord Adair Turner, former Chairman of the UK Financial Services Authority and Senior Fellow at the Institute for New Economic Thinking, delivered a presentation titled "Money and Debt: Radical Solutions to the Challenge of Deleveraging."

Turner highlighted a fundamental insight: banks simultaneously create new credit and new money "ex nihilo." He stressed this as a crucial concept for economics undergraduates to understand about the monetary economy.

This presentation was given at the "Fix the Banking System for Good" conference at the Philadelphia Fed on April 17, 2013, and published on May 5, 2013.

EarthSayer Adair Turner

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