Following the great economic crises of the 20th century, there were periods of intellectual and political upheaval that ultimately changed economic policy. Mervyn King, former Governor of the Bank of England, argues the 2008 financial crisis should have prompted the same reaction but didn't. King delivered this year's Per Jacobsson Lecture during the IMF-World Bank Annual Meetings and warned the failure to dramatically change our approach to economic policy risks another financial crisis.

Lord Mervyn King is Professor of Economics at New York University and the London School of Economics. He is also author of The End of Alchemy and has a forthcoming book entitled Radical Uncertainty.