Book of the Month – May 2021- Value(s) by Mark Carney

Value(s): Building a Better World for All
A bold, urgent argument on the misplacement of value in financial markets and how we can and need to maximize value for the many, not few.

As an economist and former banker, Mark Carney has spent his life in various financial roles, in both the public and private sector. VALUE(S) is a meditation on his experiences that examines the short-comings and challenges of the market in the past decade which he argues has led to rampant, public distrust and the need for radical change.
Focusing on four major crises-the Global Financial Crisis, the Global Health Crisis, Climate Change and the 4th Industrial Revolution– Carney proposes responses to each. His solutions are tangible action plans for leaders, companies and countries to transform the value of the market back into the value of humanity.

(Recommended by Barry T)

Common Values and Beliefs that underpin a successful economy

The experience of the three crises ( Credit, Covid and Climate) of the 21st century, suggests that the common values and beliefs that underpin a successful economy are:

dynamism to help create solutions and channel human creativity;

resilience to make it easier to bounce back from shocks while protecting the most vulnerable in society;

sustainability with long-term perspectives that align incentives across generations; – fairness, particularly in markets to sustain their legitimacy;

responsibility so that individuals feel accountable for their actions;

solidarity whereby citizens recognise their obligations to each other and share a sense of community and society;

and

humility to recognise the limits of our knowledge, understanding and power so that we act as custodians seeking to improve the common good.


Value(s): Building a Better World for All by Mark Carney

Play the Battle Drums – Buddha

A king had many elephants, but one elephant was very powerful, very obedient, sensible and skillful in everything especially his fighting skills. In many wars, he was sent on the battlefield and he used to return only after getting victory for the king. Therefore, he was the most loved elephant of the king.

Time went by and there came a time when the elephant started getting old. Now he was not able to perform as before. Therefore, the king did not even send him to the battlefield but he still remained as a part of the king’s team.

One day the elephant went to a lake to drink water, but unfortunately his feet got stuck in the mud and he went on sinking. He tried a lot, but he could not remove himself from the mud. People came to know from the sound of his screams that the elephant was in trouble. The news of the elephant trapped also reached the king. All the people, including the king, gathered around the elephant and made various efforts to get him out. But alas, even after trying for a long time, there was no way out. 

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