CRESC on Banking Reform

“We need to dismantle structures to change cultures …”

The Centre for Research on Socio-Cultural Change has been publishing some very interesting research and analysis of the British predicament. You can download their response to the LIBOR scandal here.

We’ll know when financial sector reform is being taken seriously – it will be when CRESC’s work starts displacing the drivel about the sector’s invaluable contribution to the UK economy that we currently hear from politicians and economics journalists in much of the mainstream.

I was particularly struck by this sentence:

‘These political interventions need to be paralleled with measures that will reduce the ability of special interests to capture knowledge and expertise, since it is only with the democratisation of knowledge that it will become possible to scrutinise the operations of finance and render these accountable.’

Regular readers of this blog will know that I have some suggestions as to how such a democratisation of knowledge might be achieved.


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