Finance for a Regenerative World — John Fullerton Whitepaper
https://capitalinstitute.org/wp-content/uploads/2018/11/Regen-Finan-RVSD-Interactive_FINAL2.0.pdf
Four Part Series:
As I read this, I’m reminded of the quote, “Faced with the choice between changing one’s mind and proving that there is no need to do so, almost everyone gets busy on the proof.” - John Kenneth Galbraith
On the basis of that quote and the fact any reader (myself included) will ask, “well what can I do to change finance,” I never see this paper becoming implemented. No matter how well JF lays out arguments, the powers that be will fight any wholesale reform like is suggested here.
The best part of this series is its outline of which “fundamental truths” in finance are wrong. In part II, he compelling argues for a shift in our conception of growth, that the shift from real-economy investment to speculation is generating returns at a cost to society over the long-term, and that we to change the dynamics of shareholder ownership.
The task he took on, however, is immense. There are too many various policy proposals (changes in shareholder structures for long-term thinking, MMT, culling aspects of speculation, balancing efficient capital allocation with other values) to leave the paper without a variety of critiques.
However, it’s hard to not argue with his hypothesis and the fact he shows some “fundamental truths” of finance need shifting. That is, if you buy Bucky Fuller’s underlying hypothesis (that a sustainable system should try to emulate natural patterns).
Who is this for?
Best parts?