This book is a critical analysis of the impact of the financial system on the economy, society and the natural environment. It cuts through the noise to looks at its purpose, its activities, and what it does in practice. Unlike other books that cover the last financial crisis and the risk of another one; this book is about the consequence of the financial system continuing in its current form. It argues that the financial system is a construct of flawed economic theories, designed in the hope that the market will efficiently allocate society's capital. Instead, the finance sector allocates savings and investment to maximize its own revenues, with resulting collateral damage to the economy, society and the environment. Although governments try to preserve and regulate the existing system, it is being replaced by a new system driven by technological innovation. The book describes the opportunities this presents for a renaissance of the financial system to actually meet the needs of society, and to re-engineer our economy to avoid environmental crisis. The book is for anyone who would like to understand the finance system's purpose, what it does in practice and its impact on the real world. For those working in the industry it provides an overview of the system, their place within it, and how to bring about change. For students and academics it provides a valuable critique of the financial system, and the theories on which it is based. For financial policymakers and regulators it identifies key challenges in their activities.
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"The book ... offers the readers a critical analysis of the financial system from the savings channel perspective. ... Nick Silver's book is an essential read for investment/asset managers, regulators, investors, entrepreneurs, and fintech professionals." (Justus Biryomumeisho, Management - Journal of Sustainable Business and Management Solutions in Emerging Economies, Vol. 28 (3), 2023)
"This is another of the growing breed of books devoted to matters financial that is actually worth reading. I would urge my readers to add it to their reading list soon." (Brian Bollen's Blog, brianbollen.com, September, 2017)
"This is another of the growing breed of books devoted to matters financial that is actually worth reading. I would urge my readers to add it to their reading list soon." (Brian Bollen's Blog, brianbollen.com, September, 2017)