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Time for radical change

Adair Turner's critique of free-market economics is coherent and compelling

By David Willetts  

Between Debt and the Devil: Money, Credit, and Fixing Global Finance by Adair Turner, Princeton, £19.95 

Adair Turner caused a stir in 2009 when he described much financial activity as “socially useless.” It was part of an interview with this magazine—which he fails to name in his book, instead referring to “a worthy but small circulation intellectual magazine.” Ouch!

Now Turner, Chairman of the Financial Services Authority from 2008 to 2013, has gone much further in this important and ambitious book. The shocking results of that 2008 failure meant that subsequently the authorities, quite rightly, did what they had to…

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