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Adair Turner

Lord Turner has been a Senior Fellow at the Institute for New Economic Thinking since 2013, and in 2015 became Chairman of the Institute’s Governing Body. Prior to that he chaired the UK Financial Services Authority from 2008 until 2013, during which time he played a leading role in the redesign of the global banking and shadow banking regulation as Chairman of the International Financial Stability Board’s major policy committee.

Lord Turner has combined a business career with public policy and academia. He led the McKinsey practice in East Europe and Russia in the early 1990s, and was Director General of the CBI (Confederation of British Industry) 1995-2000. He was Vice-Chairman of Merrill Lynch Europe (2000-06) and a Non-Executive Director of a number of companies, including Standard Chartered plc (2006-08). In 2015 he joined the Board of UK start-up bank OakNorth, and became non-Executive Director at Prudential in September.

He became a cross-bench member of the House of Lords in 2005; served as the first Chairman of the Climate Change Committee (2008-12), and chaired the Pensions Commission (2003-06) and the Low Pay Commission (2002-06). He has also been a Trustee of the British Museum since 2013. His publications include ‘Just Capital-The Liberal Economy’ (2001); ‘Economics After the Crisis’ (2012); and ‘Between Debt and the Devil: Money, Credit and Fixing Global Finance’ (Princeton 2015). He is Senior Fellow at the Centre for Financial Studies (Frankfurt); a visiting professor at London School of Economics, Cass Business School and City University; and as of recently, Visiting Fellow at the People’s Bank of China School of Finance, Tsighua University (Beijing); and Visiting Professor at the International Center for Islamic Finance (INCEIF) in Kuala Lumpur.

In his new book, Between Debt and the Devil, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our addiction to private debt is to blame.

Adair Turner Between Debt and the Devil: Money, Credit, and Fixing Global Finance Endorsements

By this expert

Monetary Finance: Mechanics & Complications

Article | May 23, 2016

Eight years after the 2008 crisis the global economy is still stuck with low growth, too low inflation, and rising debt burdens. Massive monetary stimulus has failed to generate adequate demand, and some commentators suggest that we are “out of ammunition” with which to counter deflationary pressures.

Why a money financed stimulus is not offset by an inflation tax

Paper Commentary | | May 2016

In the growing debate about the pros and cons of a monetary financed fiscal stimulus (a.k.a. helicopter money) it is argued by some participants that a money-financed stimulus will have no more effect than a debt financed stimulus since:

Who will willingly hold non-interest-bearing money?

Paper Commentary | | May 2016

If the government/CB together finance an increased fiscal deficit with permanent non-interest-bearing fiat money, then some private sector agents have to hold non-interest-bearing monetary base, and must continue to do so even when policy and market interest rates have moved away from the ZLB. How is this possible in an environment where most bank deposit money is potentially interest-bearing?

Helicopter Money on a Leash?

Article | May 10, 2016

Any use of money-financed fiscal expansion as a policy tool will require rules to ensure discipline and avoid excess

Featuring this expert

Innovation & Financial Reform

Video | Apr 9, 2014

Adair Turner at the Institute’s #HumanAfterAll conference in Toronto, CA (2014).

Crisis & Renewal

New Economic Thinking 2011

Event Conference | Apr 8–11, 2011

The Institute for New Economic Thinking held its second annual plenary conference in Bretton Woods, New Hampshire.

The Economic Crisis and the Crisis in Economics

New Economic Thinking 2010

Event Conference | Apr 8–11, 2010

The Institute for New Economic Thinking convened many of the world’s most distinguished economists, academics and thought leaders at its inaugural Conference at King’s College, University of Cambridge.

The Consequences of Money-Manager Capitalism

Video | Oct 20, 2014

In the wake of World War II, much of the western world, particularly the United States, adopted a new form of capitalism called “managerial welfare-state capitalism.”

Offsite links

Instability in a Monetary Economy

May 12, 2016 Chicago Booth School

"There are no riskless ways out"

Jan 24, 2016 Bilanz

Lord Turner on finance and inclusive economic transformation

Nov 24, 2015 Overseas Development Institute

Debt Déjà Vu

Oct 5, 2015 Project Syndicate

The Debt Business

Aug 25, 2015 BBC Radio 4

The Real Demographic Challenge

Aug 14, 2015 Project Syndicate

Greece for Grownups

Jul 12, 2015 Project Syndicate

China’s Real Reform Challenge

Jun 11, 2015 Project Syndicate

The Debt Dilemma

Apr 16, 2015 Project Syndicate

Caught in a Debt Trap

Mar 24, 2015 Cass Business School

Japan’s Accounting Problem

Mar 15, 2015 Project Syndicate

The Global Economy’s Chinese Headwinds

Feb 11, 2015 Project Syndicate

Progress and Monetisation

Feb 3, 2015 Berfrois

Have We Become Too Flexible?

Jan 21, 2015 Project Syndicate

Please Steal Our Fossil Fuels

Dec 22, 2014 Project Syndicate

Germany’s Secret Credit Addiction

Nov 9, 2014 Project Syndicate

China’s Balancing Act

Oct 7, 2014 Project Syndicate

Facing Reality in the Eurozone

Sep 7, 2014 Project Syndicate

When Fewer Is Better

Aug 12, 2014 Project Syndicate

The Trade Delusion

Jul 17, 2014 Project Syndicate

The Great Credit Mistake

Jun 5, 2014 Project Syndicate

The Perils of Financial Freedom

May 8, 2014 Project Syndicate

The High-Tech, High-Touch Economy

Apr 15, 2014 Project Syndicate

Rethinking the Monetization Taboo

Mar 17, 2015 Project Syndicate

In Praise of Fragmentation

Feb 17, 2014 Project Syndicate

Debt and Demand

Jan 9, 2014 Project Syndicate

Inequality by the Click

Jan 7, 2014 Project Syndicate

The Failure of Free-Market Finance

Sep 3, 2013 Project Syndicate

Overt Monetary Finance and Crisis Management

Aug 9, 2013 Project Syndicate

Too Much “Too Big to Fail”?

Sep 1, 2010 Project Syndicate

The Uses and Abuses of Economic Ideology

Jul 14, 2010 Project Syndicate