Value(s): Building a Better World for All

Economist Carney, the former governor of the Bank of England, debuts with a powerful exploration of how the rise of “market fundamentalism” has been detrimental to economic systems and democratic values. He analyzes concepts of value espoused by Aristotle, Adam Smith, and Karl Marx; explains how 19th-century neoclassicists including William Jevons “shifted the axis of value theory from objective factors of production to the subjective perceived value of goods to the consumer”; and sketches the history of money and the banking system. Contending that the three major crises of the 21st century—the 2008 recession, Covid-19, and climate change—have their roots in the dominance of monetary value over all other forms of value, Carney shows how the privileging of “technologically empowered” financial institutions over retail investors undermines the “social fabric on which finance depends,” outlines how the financial sector can help achieve a net-zero-carbon economy, and offers a 10-point framework for transitioning economies from Covid-19 relief to a “mission-oriented capitalism” that is equitable and green. Though Carney’s history lessons are somewhat extraneous to his comprehensive and creative policy recommendations, this is an exhaustive and persuasive look at how and why the global financial system needs to be reformed. (May)