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The very concept of the ‘public interest’ as distinct from the interests of private capital has been devalued in many countries. It is plain that the public interest and the private interest do not necessarily coincide and it is necessary to be clear on this in government and especially in regulatory agencies. It is also clear that the cost of treating the ‘public interest’ and the ‘private interest’ as synonymous in practice has had negative consequences for the financial system.

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