Good finance

I nowadays live in a global finance centre. I also read a book about finance. Never thought I would enjoy a book in the subject.

After the escalating excesses and bonuses in the finance sector, the collapse of Lehman Brothers, the recession, the bailouts etc. I started doubting, as many else with me, modern finance as the utility for society it once was. I rather thought the reverse that we would be better off without the modern banking world. But once I started reading the book Finance and the Good Society by Robert J Schiller I gained faith and am no longer so avert against modern financing. Because – think of it, what would be the option? Not so tempting.

The finance sector gave small business the chance to borrow money to expand their business; it gave us insurances, mortgages, pensions and savings accounts. Schiller has the point that innovative finance could boost the economy and the society again and create prosperity for everyone, as it once did. We need to decide what we want to use our creativity for – good or bad, equality or inequality… The reason for getting into finance must not be to maximize own profit, but to serve society and in the meanwhile getting a good profit. I call it social capitalism. A better economically balanced society will create real prosperity and benefit everyone. Finance 2.0 – modern finance as a utility for the society, or good finance, is here to stay.

One Response to “Good finance”
  1. nullam says:

    M-Pesa, mobile-phone based money in developing countries, is a great example of good innovative finance!

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