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The Observer: "Relative equality is good for growth? Right you are, governor"

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"Bank of England governor Mark Carney is forthright.
"Who does finance serve? Itself? The real economy? Society? And to whom is the financier responsible? Herself? His business? Their system?

"The answers start from recognising that financial capitalism is not an end in itself, but a means to promote investment, innovation, growth and prosperity. Banking is fundamentally about intermediation – connecting borrowers and savers in the real economy."
"The governor went on:
"In the runup to the crisis, banking became about banks, not businesses." Again: "The combination of unbridled faith in financial markets prior to the crisis and the recent demonstrations of corruption in some of these markets has eroded social capital

… Rebuilding social capital is paramount. ... My core point is that, just as any revolution eats its children, unchecked market fundamentalism can devour the long-term dynamism of capitalism itself."
"Carney notes that all the research suggests that 'relative equality is good for growth.' He yearns for that concept derided by the extreme right: an inclusive social contract. Moreover, to those of us who think that facing up to climate change actually offers great scope for technological progress and economic growth, he laments:
"Environmental degradation remains unaddressed, a tragic embarrassment now seldom mentioned in either polite society or at the G20."

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