The Sugar Parasites

The World Sugar Committee has criticised ‘parasitic’ traders for the surging price of sugar, which is now at its highest level for thirty years. This is, of course, unfair. A mounting body of evidence suggests that parasites can be beneficial to their hosts. But, as John Cassidy recently put it,

“There was a presumption that financial innovation is socially valuable,” Woolley said to me. “The first thing I discovered was that it wasn’t backed by any empirical evidence. There’s almost none.”