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Value(s): The must-read book on how to fix our politics, economics and values

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We can continue to let financial valuation narrow our values or we can create an ecosystem in which society's values broaden the market's conceptions of value. Biography: Mark Carney is currently the UN Special Envoy for Climate Action and Finance and Prime Minister Johnson's Finance Adviser for COP26.

Photograph: Stefan Rousseau/AFP via Getty Images View image in fullscreen Mark Carney and Rishi Sunak in Downing Street before last year’s budget. Faced with lack of trust in our governmental and financial institutions and the uncertainties generated by a pandemic it is not surprising that some of us turn to the fantasy of QAnon and other fictions believing that false hope is better than no hope at all.Third, experience with both the global financial crisis and the pandemic will change how companies balance risk and resilience. It is hard to disagree with Carney's closing sentiments: "When bankers become detached from end users, their only reward becomes money, ignoring the satisfaction from helping a client or colleague succeed. This means legal safeguards and clear goals together with democratic accountability to ensure broad-based public support and legitimacy. It is a book that offers achievable solutions to global problems, building a future fit for our children, grandchildren and generations to come.

There is a lot of technocratese, a bewildering plethora of acronyms, “The IFRS process includes all the major sustainability standards including GRL, TCFD, and SASB. For those readers who are economists and who are knowledgeable about the role of central banks in the global economy, this part can be skimmed. He presents a 10 point plan for governments to manage the transition which includes having clear goals to move from the old to the new economy; setting clear rules on spending and borrowing; tapering the emergency; maximizing government investments to support both short and long-term economic activities which support the new economy; concentrating new budget measures on green activities that are job heavy; using regulatory policy to establish future directions for the new economy; providing financial sector policies to drive the transition to net zero; providing a disciplined approach to developing resiliency in the economy; tracking the sustainability of current spending; and developing new institutions for how we will work tomorrow. All network externalities in new forms of money should accrue to the benefit of the public…New payment systems must be scalable. As money, "cryptocurrencies piggyback on the same institutional infrastructure that serves the overall financial system and therefore on the trust that it provides.This allowed for fun tendrils throughout linking the the different sections through unexpected and insightful connections. For me the real value of this book was bringing some of these discussions on economic value/values into the mainstream. Fiscal responsibility’ can be achieved by investing in short-term public goods while setting the long-term direction for the economy by providing green energy incentives and developing policies to move us to net-zero.

At its most extreme this means that everything can be commoditised, with unavoidable consequences on societies values. Mark Carney is clearly very intelligent and well-read, and it was quite incredible the sheer volume of detailed discussions presented in the book. And he discusses, at length, the fiscal and political struggles we will have to engage in to overcome COVID wreckage and Climate Change--not to mention assorted fiscal crises we constantly invite through poor or de- regulation and transparency. a dollar, pound or euro amount, is being confused and confounded with values, which are societal, and not monetary.No mention, for example, of Karl Polanyi’s still unsurpassed account in The Great Transformation of how 19th-century society was so undermined by excessive marketisation that fascism and communism resulted. To Schelling, the intangible qualities associated with life were not that different form other consumer goods. Mau identifies the pernicious impact of inappropriate quantification, reflecting Carney’s argument that market value has tended to replace social values.

I fully admit this is my own deficit: finance is important and how we pay for the climate transition is a critical question and I'm glad there are smart people working on it who are capable of focusing on money talk without 3/4 of their brain falling asleep. The penultimate chapter preceding the aforementioned one is supposedly about Canada ("How Canada Can Build Value for All"), but strangely Canada itself is not mentioned all that much in the chapter. Drawing on a truly international perspective, this book offers a blueprint for how we can channel the dynamism of the market to transform intractable global problems into opportunities.So even if these discussions have been had in other fields/forums, I thought having a well-respected economist discuss them at (great) length was important. He scorns persistent market fables – “this time will be different” (the most expensive words in English, as he says), “markets always clear” and “markets are moral”. Having finished the book, I think a second, abridged, version of about 200 pages which summarizes the main themes and ideas would be worthwhile and would be more accessible to the general public. But I’m not sure that, together with better reporting and more sophisticated risk management, this will do as much heavy lifting as he hopes. discusses the Global Financial Crisis, the COVID Crisis and the Climate Crisis framed in terms of value and values.

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