Shadow banking is framed by its apologists as natural banking evolution

Evidence

In a subsequent interview he stated: “The term shadow banking has acquired a pejorative connotation, and I’m not sure that’s really deserved … Banking evolves, and it evolves because the economy changes. There’s innovation and growth, and shadow banking is only the latest natural development of banking.” — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 570

Categorization

• XREF: Connects to the broader theme in this book of economists naturalizing financial innovations to deflect blame after 2008. — connects to: Financial innovation rhetoric frames new financial instruments as technological progress to legitimize deregulation — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 953; Neoliberals marketed the market as natural by borrowing early evolutionary science metaphors — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin: The Making…, 2127

Broader Connections

• Neoliberals marketed the market as natural by borrowing early evolutionary science metaphors #exemplifies (0.82) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 2127
• Financial innovation rhetoric frames new financial instruments as technological progress to legitimize deregulation #corroborates (0.78) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 953