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The paper considers the different ways in which we can approach reform of banking regulation by reflecting on different views on the nature and purpose of money and banks. We consider first the mainstream theory of banking and the interpretation of moral hazard as an expression of calculative rational behaviour, such that reform of banking regulation is formulated in terms of financial incentives and constraints. Post-Keynesian banking theory rather emphasises banks' role in providing society'sdoi:10.4337/ejeep.2012.01.05 fatcat:wjfvl3tjrzgtvltwnahyu3uogi