http://nti.m/1Jw0wen
MAY 8, 2015
http://www.nytimes.com/2015/05/10/books/review/smart-money-by-andrew-palmer.html
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http://www.nytimes.com/2015/05/10/books/review/smart-money-by-andrew-palmer.html
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markets. Yet Palmer does not address Millers arguments, or even cite him. It
is a material omission like a book on sonnets that does not mention
Shakespeare particularly because Palmers ultimate point is the opposite of
Millers: that financial innovation is beneficial because it addresses broad
social needs, not narrow private ones.
Fortunately, the second half of the book rehabilitates the first. Palmers
vignettes show how innovation can, and should, involve more than bankers
getting rich, playing games and dodging rules. Today, upstart companies are
nipping at the heels of the major banks, seeking to profit by doing good. That
is the right kind of smart money.
SMART MONEY
How High-Stakes Financial Innovation Is Reshaping Our World for the
Better
By Andrew Palmer
285 pp. Basic Books. $27.99.
Frank Partnoy, a law and finance professor at the University of San Diego, is the
author of Wait: The Art and Science of Delay.
A verion of thi review appear in print on Ma 10, 2015, on page R28 of the Sunda ook Review
with the headline: Societal ond.
http://www.nytimes.com/2015/05/10/books/review/smart-money-by-andrew-palmer.html
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