Financing Our Future (eBook)
XXIX, 221 Seiten
Springer International Publishing (Verlag)
978-3-030-64826-8 (ISBN)
The monetary system is the indispensable missing link in the debate of sustainability, and whether the current financial system can handle these evolved needs. To date, the UN Sustainable Development Goals (SDGs) primarily have been financed either through the private sector, through conventional public sector taxes and fees, or through philanthropic commitment. Assuming a need of 4 to 5 trillion dollars annually in the 10 to 15 years left to finance our future, these conventional sources of finance are insufficient in terms of both the scale and speed of funding required to finance our future. Furthermore, the inherent instability of our financial system forces the world community to focus first and foremost on repairing and stabilizing the existing system.
The development of cryptocurrencies using distributed ledger technologies (mainly blockchain) has prompted leading central banks to study the potential application of this approach to independently create purchasing power. In this vein, this book offers a new approach, namely introducing a parallel electronic currency specifically designed to finance global common goods and provide the resources necessary to achieve the SDGs. Furthermore, this mechanism would have a stabilizing effect on the existing monetary system. The book argues that one way this could be achieved is by giving central banks a modified monetary mandate to inject new liquidity into the system using a top-down approach. Alternatively, liquidity could come from corporate or communal initiatives with crypto- or communal currencies in a bottom-up approach. The author maintains that by issuing a blockchain-enabled parallel electronic currency earmarked for SDG-related projects and using other channels for monetary flow rather than the conventional ones, the future could be financed in a different manner. In the long run, abandoning our current monetary monoculture and introducing a monetary ecosystem would stabilize international financial markets, increase monetary regulatory efforts, reduce negative externalities, create a social Pareto optimum and stabilize democracies. This book presents, in the same spirit as Fritjof Capra's The Tao of Physics, a Tao of finance-an outside-of-the-box approach to financing global common goods.
Stefan Brunnhuber is currently an Endowed Professor for Psychology & Sustainability; as a MD psychiatrist he is Medical Director and Chief Medical Officer at Diakonie Kliniken, acute Hospital for Integral Psychiatry in Germany. He has more than 25 years of experience in research, business, finance, psychology and sustainability and continues to work as an institutional and corporate consultant. He holds PhDs in both medicine and socio-economics from the University of Konstanz und Würzburg, Germany. As Full Member of the Club of Rome and Trustee of the World Academy of Science and Arts, he has been involved in the field of finance and sustainability over two decades.
Preface 13
What This Book Is All About: Finance—Future—Balance and the Rest 15
The TAO of Finance Team 15
A Report to the World Academy of Arts and Science 16
Contents 17
About the Author 20
List of Figures 21
List of Graphs 22
List of Boxes 24
List of Tables 25
Introduction 26
Chapter 1: A New Narrative for the Anthropocene Era: On Boundaries, Interconnectedness and the Global Commons 29
1.1 A Bold Statement to Begin With 29
1.2 A New Mindset 29
1.3 Living in the Anthropocene: Interconnectedness Within Boundaries 30
1.3.1 Major Characteristics of the Anthropocene 30
1.3.2 A Five-Second Time Frame 32
1.3.3 Living with Uncertainty 32
1.3.4 Numerous Tipping Points12 32
1.3.5 The Fork in the Road 36
1.4 The Anatomy of Western Narratives: Conflicting Stories—The Good and the Ugly 36
1.5 The Elephant and the Blind Experts 43
1.6 TAO (?): A First Glimpse 44
1.7 Global Common Goods and the Sustainable Development Goals 48
Chapter 2: Beyond the Mantra of Traditional Finance: Significance and Limits of the Conventional Approach 58
2.1 The Relevance of Finance 58
2.2 Money and Finance as a Social Construct 59
2.3 Conventional Financial Tools in the Era of the Anthropocene 62
2.4 The Six-Pack 66
2.4.1 Monetizing the Carbon Bubble 67
2.4.2 Regulation—Harmonization—Transparency 70
2.4.3 The Beauty of Taxation, Fees and Subsidies 71
2.4.4 The Impact of Impact Funding 72
2.4.5 From Derivatives to Hybrid Ex-swaps 75
2.4.6 Hybrid Private-Public Partnerships (hy-PPP) 77
2.5 Filling the Gap: Parallel Currencies 79
2.6 Conclusion 82
Chapter 3: Western Thinking at Its Best: Systems Theory and Psychology 94
3.1 On Dancing with the System: Dealing with Uncertainty 94
3.2 Efficiency, Resilience and Robustness 95
3.3 The Anti-Fragile Zone 96
3.4 Financial Instability Explained 99
3.5 Two Ways of Thinking: Dual Processing 102
3.5.1 Linear Versus Parallel Thinking and the Divided Brain 103
3.5.1.1 The Left Brain and System 2 104
3.5.1.2 The Right Brain and System 1 105
3.5.2 Our Financial System Is Not a Neutral Veil 108
3.6 The Art of Change or Why We Have to Do Things Differently 112
Chapter 4: Unleashing the Sleeping Giant: Discovering New Ground and Starting the Dance of the TAO 124
4.1 The Tragedy of the Global Commons 125
4.2 Financing the Global Commons 127
4.3 The Private Purse Is Not the Public Purse 130
4.4 Waking the Sleeping Giant: The Return on Investment in the Commons 131
4.5 The Very Nature of the Global Commons: Overcoming Their Tragedy 134
4.6 Multiple Lock-in Effects 135
4.7 Purchasing Power Overrides Price Allocation 137
4.8 Conclusion: The Money, the Mechanism and the Measures 139
Chapter 5: The Tao of Finance: A Social Invention That Can Change the World 147
5.1 Not Like a Fish in Water 147
5.2 The Next Step in the Evolution of Money 149
5.3 Towards a Monetary Ecosystem: Central Bank Digital Currencies, Community Currencies and Cryptocurrencies 151
5.3.1 The First Type of Bottom-Up Approach: Community Currencies (CoC) 152
5.3.2 The Second Type of Bottom-Up Approach: Cryptocurrencies 153
5.4 The New Game in Town: The New Role of the Regulators 155
5.5 Patterns of Change: The Right Figures and the Right Channels 159
5.6 The Bigger Picture: Riding a Bike with Two Wheels or a Mechanism That Can Change the World 167
5.7 The Immediate Impact Towards a Better World 171
5.8 The Wealth Effects: Some Math, Distributive Ledger Technology and the Multi-stakeholder Approach 175
5.9 Conclusion: The Missing Link 178
Chapter 6: New Symmetries: The Future Has a History or a Path with a Heart 189
6.1 The Impact and Challenges of a Parallel Monetary System 190
6.2 A Complex Basket: Illicit Financial Transactions and the Shadow Economy 190
6.3 Informal-Sector Activities: From System D to System C 191
6.4 Not a Ponzi Scheme—Liabilities and Collaterals 194
6.5 Why Is This Mechanism Not Inflationary? The CPI (Consumer Price Index) Under a Parallel Monetary Regime 195
6.6 The Difference Between a War and a Peace Economy 200
6.7 A History of Tomorrow: Ending Poverty and Hunger 203
6.8 Conclusion: Financing the Future Is Not Like Financing the Past 207
References 217
Index 239
| Erscheint lt. Verlag | 13.4.2021 |
|---|---|
| Zusatzinfo | XXIX, 221 p. 45 illus. in color. |
| Sprache | englisch |
| Themenwelt | Wirtschaft ► Volkswirtschaftslehre |
| Schlagworte | Blockchain • digital currency • Finance and Sustainability • Financing the Future • FinTech • Monetary Ecosystem • SDGs • sustainable development • UN Sustainable Development Goals |
| ISBN-10 | 3-030-64826-5 / 3030648265 |
| ISBN-13 | 978-3-030-64826-8 / 9783030648268 |
| Haben Sie eine Frage zum Produkt? |
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