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Innovations, good and bad

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As he analyzed the financial crisis for Newsweek, Johns Hopkins professor Francis Fukuyama contrasted Silicon-Valley-style technological innovation and financial innovation. Supporters of financial regulation, Fukuyama wrote, had argued that long-standing regulations like the Depression-era Glass-Steagall Act (which split up commercial and investment banking) were stifling innovation and undermining the competitiveness of U.S. financial institutions.

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