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Financial Innovation
The essay surveys the literature on financial innovation from a wide variety of disciplines: financial economics, history, law, and industrial organization. The author defines financial innovation, discusses problems with creating taxonomies of financial innovation, and outlines the explanations given for the extensive amount of financial innovation we observe both today in history. The essay also reviews work that studies the identity of innovators, the process of diffusion of innovation, the private benefits of innovation and the social welfare implications of innovation.