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Paul Tucker is the author of Unelected Power and Global Discord, a Fellow at the Harvard Kennedy School, and a former central banker. He is writing a book on how to sustain liberalism, democracy, and market economics.

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Weekend Reading: Norms, Incentives & Putting Banking into a Market Economy

The public image of finance and financiers, on both sides of the Atlantic, is poor. Perceived as cynical about customers and the rules of the game, they parade as Homo economicus in a world of caveat emptor, buyer beware. But bailed out by taxpayers in 2008, again in 2023, and countless times in the past, this supposed embodiment of the free-market spirit turns out to be semi-socialised when things go wrong. No wonder people are fed up.

Who wouldn’t like to keep the upside while laying off the downside? Only the few get so lucky, however. Worse, they can effectively self-select by taking systemic risks. READ MORE

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