You have been asked to write a 'briefing' article for The Economist analysing the debate initiated by Robert Shiller about democratising finance and comparing this with the kinds of regulatory measures that have been adopted in the OECD countries in the wake of the recent financial crisis. The issues you need to consider in your article include the following:
1. Are the measures that are currently being taken to regulate the financial system sufficient to avoid another crisis of the kind that began in 2007?
2. If not, should we opt for stronger regulation of the financial system such as limits on financial innovation and the complexity of financial products and should we attempt to reduce the size and significance of finance in the economy?
3. Alternatively, should we follow the approach taken by Shiller in which the problem with finance is seen as a lack of democracy rather than too much complexity?
4. What are the current reforms, their strength and weaknesses?
You should finish with a conclusion setting out what you see as the way forward for the financial system which should be linked to your previous argument.