Abstract
Review
In this incredibly well-researched and informed book, Canadian Mark Carney, the former Governor of the Bank of England, argues the need for greater alignment of social and market values in a future post–COVID-19 world. It is written in a very clear, inspiring and accessible style and its wide-ranging academic, business, policy and practice coverage will be essential reading for a variety of audiences. Stimulated in part by Carney’s extensive global experiences and a discussion he was invited to join on the future of the market system at a Vatican forum, the book examines how conventional economics and market models of valuation fail to measure what really matters to society for overall collective well-being.
The book is unashamedly radical in advocating a fairer, more sustainable world, and Carney provides a useful guide towards rebuilding greater solidarity and responsibility across states. As his attempt to create a better world for all, it feels like a very personal love letter to the world, and he draws on his own professional and personal experiences. It is full of useful, though selective, historical and academic archival materials about the use and distribution of money; the development of different financial and market systems of exchange from ancient antiquity to modern times; and the differing meanings placed on how we all, in societies, ‘value’ certain things, as opposed to other things. His philanthropic and other social interests, as declared on the book cover, are aligned to a deep understanding of economics, and all drive him to ask the crucial question ‘Should societies continue to invest in profit, or human endeavour and potential, given the mounting social, economic and environmental challenges we face?’ He firmly believes that our relationship with status and money has tipped the balance in a negative direction, and he urges a recalibration of our collective imaginations and responsibilities towards our fellow human beings, and the need to develop better tools to achieve the collective good. He makes a plea for channelling the dynamism of market to turn hitherto intractable problems into enormous opportunities for future growth.
For Carney, economic value and social values became rather blurred as market economies developed, and he advocates a radical rethink before it is too late. He, therefore, proposes a set of achievable actions that may save future generations and humanity from a continual downward trajectory of poor decision-making. His positivity shines through every chapter as he offers up examples of where societies have gone wrong in the past and sets out a framework for economic and social renaissance in a post–COVID-19 world, albeit one that predates the Russian invasion of Ukraine.
The book has three main parts, (i) the rise of the market society, (ii) three crises of values and (iii) reclaiming our values. Each part is sub-divided into 16 chapters, and followed by a short conclusion entitled ‘Humility’ in which he offers a deeply personal message on the need for international cooperation and integration in a very fragile global order. It is, therefore, a very timely reminder of the need to reconfigure institutions for achieving greater social purpose and collective good. All the aforementioned materials are fully supported by helpful and extensive appendices, figures, notes, acknowledgements and a comprehensive index.
I highly recommend this book as a must read to academics, students and other individuals, business people, investors and government politicians/civil servants with an interest in safeguarding this fragile planet, and seeking some accessible and inspirational pointers for future action.
ORCID iD
Joyce Liddle https://orcid.org/0000-0001-5568-3273