Book review: Value(s): building a better world for all
market fundamentalism, COVID pandemic, economic injustices, climate change, trust deficit
Mark Carney served as the Governor of the Bank of Canada from 2008–2013, and as the Governor of the Bank of England from 2013–2020. In doing so, he led the former through the financial crisis, and headed the latter prior to the onset of the COVID pandemic. Thus, it is not surprising that in addition to the existential threat of climate change, he addresses financial crises and pandemics as the three main challenges of our times, amidst a backdrop of public distrust, globalisation, and rapid technological change (p.2, p.5). In the book, Carney argues that markets are crucial for finding solutions to the most pressing problems of our times (p.130, p.473). While he upholds the dynamism and efficiency of markets for prosperity and wellbeing, he qualifies that their effectiveness is based on ‘the values of society’ (p.130, p.474), which include solidarity, fairness, kindness, and sustainability, and accordingly, must be nurtured to sustain an inclusive capitalism (p.4, p.139). He views these values as institutions themselves and deems them more important than geography or trade in explaining growth (p.473). Additionally, he cautions against market fundamentalism that depletes social capital (p.9).
Jahangir, J. B. (2022). Book review: Value(s): building a better world for all. International Journal of Pluralism and Economics Education, 13(3), 327-333. https://www.inderscience.com/info/inarticletoc.php?jcode=ijpee&year=2022&vol=13&issue=3
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