The Great Re-evaluation: Reaching for an End

David Rouch ()

Chapter 1 in The Social Licence for Financial Markets, 2020, pp 1-33 from Springer

Abstract: Abstract The finance-society relationship remains fractured, just when finance is most needed to address increasingly pressing sustainability challenges. Popular narratives of financial sector greed capture the strain, echoing assumptions in key economic models such as ‘economic man’, shareholder value and the idea of an ‘invisible hand’. But these models only capture half the truth. Although they are being re-evaluated to reflect people’s other-regardingness, we still lack coordinates for navigating the challenges before us. Current work on banking culture and sustainable finance is promising, but struggles to break free from similar assumptions. Reform has achieved much, but the usual regulatory tools have not yet healed the fracture. Can the observation that financial markets operate under a social licence help in tackling the current challenges?

Date: 2020
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DOI: 10.1007/978-3-030-40220-4_1

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