Spacs and other fads of high finance

A particular organisational innovation of the past has been resurrected recently, namely, the special purpose acquisition company (Spac)

The metamorphosis of the world of finance resembles the magical world of Gabriel García Márquez. In his One Hundred Years of Solitude, Marquez narrates the story of Gypsies bringing miracles and magic to his fictional hometown of Macondo. When two such miracles — the magnifying glass and the alchemy kit — were applied by José Arcadio Buendía, the lead character in the novel, the results on the ground were devastating.

In the world of finance, what is more disturbing is the speed at which such miracles are being churned out. The jugalbandi between finance and technology, though at times jarring, is