691. Autor, D (2014), ‘Education, and the Rise of Earnings Inequality Among the “Other 99 Percent”, Science, 23 May 2014, pp. 843-851. Autor, D (2017), ‘Economic and political consequences of China’s rise for the United States: lessons from the China shock’, IFS Annual Lecture 2017, 22 June 2017. Baddeley, M (2006), ‘Convergence or Divergence? The Impacts of Globalisation on Growth and Inequality in Less Developed Countries’, International Review of Applied Economics, Vol. 3, pp. 391-410. Bolton, P (2012), ‘Education: Historical statistics’, House of Commons Library, Standard Note SN/SG/4252. Bresnahan, T and Trajtenberg, M (1995), ‘General purposes technologies ‘Engines of growth’?’, Journal of Econometrics, Vol. 65, No. 1, pp. 83-108. Broadberry, S and Wallis, J (2017), ‘Growing, Shrinking, and Long Run Economic Performance: Historical Perspectives On Economic Development’, NBER Working Paper, No. 23343. Brynjolfsson, E and McAfee, A (2014), The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies, W. W. Norton & Company. Brynjolfsson, E, Rock, D and Syverson, C (2017), ‘Artificial Intelligence and the Modern Productivity Paradox: A Clash of Expectations and Statistics’, NBER Working Paper, No. 24001. Bughin, J et al (2017), ‘Artificial Intelligence – The Next Digital Frontier?’, McKinsey Global Institute Discussion Paper. 23  All speeches are available online at www.bankofengland.co.uk/speeches  23  Carney, M (2016), ‘The Spectre of Monetarism’, speech available at https://www.bankofengland.co.uk/speech/2016/the-spectre-of-monetarism Clark, G (2009), A Farewell to Alms: A Brief Economic History of the World, Princeton University Press. Coase, R (1960), ‘The Problem of Social Cost’, The Journal of Law & Economics, Vol.
Implementing them requires compliance functions to be thoughtful in determining how to identify large long or short positions, given the uncertainty of tradable float. It also challenges staff to consider which trading strategies may have adverse implications for market liquidity and whether they warrant policies around them. Further, the TMPG’s best practices note that responsibility for establishing and maintaining a rigorous internal control environment within an organization rests with its senior management. Neither best practices nor laws nor regulations can guarantee a lack of bad behavior. Recent failures illustrate the adverse consequences that behavioral weaknesses can have for those who rely on financial services. It also underscores the importance of adopting a culture that creates an environment in which laws, regulations, and best practices are valued and upheld. To that end, regulators and supervisors in various jurisdictions have heightened their focus on firms’ corporate governance programs and emphasized the need for instilling values that promote proper behavior and sound decision-making throughout the firms. For example, the New York Fed has been working to advance industry driven culture reform in the financial services industry over the past few years. 19 We are joined by other official institutions and groups across the globe, such as the Group of 30 and the Basel Committee, in pushing for heightened standards of market practice and behavior. 20 Promoting adoption of best practices Ideally, best practice standards should become an integral part of the market, observed consistently and transparently by participants across various segments.