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Rebuilding Trust in Banking

Author(s): Ray Kinsella

ISBN13: 9780956271808

ISBN10: 0956271804


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  • In this collection of essays published over the last ten years, Ray Kinsella argues that the root cause of the present global financial crisis is an ethical Black Hole at the heart of corporate capitalism.

    Rebuilding Trust in Banking will require much more than changes in regulation which, have date, has been largely cosmetic.

    Professor Kinsella makes the radical argument that the Business Model, based on maximising Short-term Shareholder Value, is fundamentally flawed. Equally, he argues that the prevailing political culture, with its emphasis on Power, rather than on service to the Human Person, is incapable of rebuilding Trust in Banking either globally or within Ireland. In this regard, he highlights the case for a new inclusive international financial architecture, at the heart of which is a Global Financial Regulator.

    Transforming the nihilistic inter-relationship between a. banking system driven by the primacy of Shareholder value, and a political process driven by power, represents a defining challenge to mainstream orthodox thinking and to global financial stability.

    He argues that the global recession, as it is manifest in Ireland, is not something that can be solved by the old politics and by expenditure cuts in vital public services. Instead, the emphasis should be on reducing the size of Government, and the cult of interventionism in business and in the lives of people. State support for Credit Institutions should therefore be conditional upon a change in the underlying Business Model.

    Ireland, with its innate entrepreneurial abilities, its `Golden Demographics and its rich renewable-resource base, has, he argues, the capacity to grow its way through the recession.

    The key theme running through this book is that a sustainable recovery requires aligning the goals of politics and of business - including credit institutions supported by the State , to The Common Good as the indispensible platform for transforming the lives of Individuals, Institutions and Countries.
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Rebuilding Trust in Banking