BIS Review 29/1998  ˝  -5-  Accordingly, a negligible proportion of commercial contracts has to be adjudicated through the courts. If it were otherwise, the system could not function.
It is perhaps too convenient to denigrate the attributes of dynamism and ingenuity, particularly late in economic cycles, when the forces of innovation can disappoint and weaken the real economy. Policymakers and market participants alike should recognize that innovation--in our product markets, labor markets, and yes, our financial markets--is likely to prove a necessary net contributor to economic growth in the coming period.