Beyond the Mantra of Traditional Finance: Significance and Limits of the Conventional Approach

Stefan Brunnhuber ()

Chapter Chapter 2 in Financing Our Future, 2021, pp 31-66 from Springer

Abstract: Abstract Modern finance has profoundly influenced almost all aspects of human society and every aspect of our personal lives. To some extent it has become the basis of all economic decisions and investment strategies, social and ecological programs and even political decisions. Combined with new technologies, finance has become both the single most beneficial and the single most detrimental factor affecting the planet and our future. The 2008 crisis in particular revealed unanticipated but significant limitations to our financial system, which prevent us from better understanding and steering finance for the benefit of humanity and our planet. These limitations are most evident where global commons are concerned. One of them is the idea of the rational market and its agents as possessing a utility-maximizing function.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-64826-8_2

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DOI: 10.1007/978-3-030-64826-8_2

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