More generally, any analysis of the costs of achieving a sounder financial system for economic activity should take into account the costs that taxpayers have to bear when a financial crisis occurs, and the impact it has on growth potential.
In a recent book, Stephen D. King states that “globalisation is driven not just by technological advance, but also by the development of the ideas and institutions that form our politics, frame our economies and fashion our financial systems both locally and globally. When existing ideas are undermined and institutional infrastructures implode, no amount of new technology is likely to save the day."