Value(s): Building a Better World for All
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- Author：Mark Carney
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Summary
A bold， urgent argument on the misplacement of value in financial markets and how we can and need to maximize value for the many， not few。
As an economist and former banker， Mark Carney has spent his life in various financial roles， in both the public and private sector。 VALUE（S） is a meditation on his experiences that examines the short-comings and challenges of the market in the past decade which he argues has led to rampant， public distrust and the need for radical change。
Focusing on four major crises-the Global Financial Crisis， the Global Health Crisis， Climate Change and the 4th Industrial Revolution-- Carney proposes responses to each。 His solutions are tangible action plans for leaders， companies and countries to transform the value of the market back into the value of humanity。
As an economist and former banker， Mark Carney has spent his life in various financial roles， in both the public and private sector。 VALUE（S） is a meditation on his experiences that examines the short-comings and challenges of the market in the past decade which he argues has led to rampant， public distrust and the need for radical change。
Focusing on four major crises-the Global Financial Crisis， the Global Health Crisis， Climate Change and the 4th Industrial Revolution-- Carney proposes responses to each。 His solutions are tangible action plans for leaders， companies and countries to transform the value of the market back into the value of humanity。
Reviews
Ken Nickerson
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Decent list of crisis， less decent list of remedies。 It's a good book to read for understanding: power， wealth， politics and how the 1% consider a crisis/opportunity。 Decent list of crisis， less decent list of remedies。 It's a good book to read for understanding: power， wealth， politics and how the 1% consider a crisis/opportunity。 。。。more
Glen Grunau
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I am a sceptic when it comes to using politics and values in the same sentence。 The whole political system seems to be motivated by a hunger to perpetuate power and self-interest。 It seems that even those politicians who begin with altruistic visions to change the world for the better are corrupted by political power as soon as they obtain it。 I have also often wondered if capitalism and ethics might be oxymorons。 I'm at least convinced that unfettered capitalism and ethics are。 Yet somehow Mark I am a sceptic when it comes to using politics and values in the same sentence。 The whole political system seems to be motivated by a hunger to perpetuate power and self-interest。 It seems that even those politicians who begin with altruistic visions to change the world for the better are corrupted by political power as soon as they obtain it。 I have also often wondered if capitalism and ethics might be oxymorons。 I'm at least convinced that unfettered capitalism and ethics are。 Yet somehow Mark Carney in this dense and very lengthy epistle has challenged me to reconsider my jaded skepticism。 There is much to praise in this volume but I must first comment on its length。 I think it was longer than it needed to be and I found that Carney retraced old territory in some of his later chapters。 But I can't seem to allow this quibble to detract from my overall rating of the bookEconomics is clearly not my forte and my understanding of the inner workings of the political machine is limited。 There were times I felt like I was reading above my head。 Yet looking back over these past few weeks spent with Mark Carney， I can say with confidence that this book had an impact on me。 I can now more easily imagine the possibility that world leaders in banking and finance and politics can be guided by values more than simply a thirst for power and wealth。 Yes， I often felt like I was reading a curriculum vitae for one aspiring to a higher level of political influence。 No doubt this is how this book will be received by Carney’s most harsh critics who fall on the opposite end of the political spectrum and are convinced that this socialist “hogwash” is nothing more than a stepping stone to political power for the Liberal party in Canada。 Just this weekend I read a lengthy article to this effect in the Financial Post。It would appear that Carney’s values are spiritually informed。 His Catholic faith along with his obvious admiration for Pope Francis have influenced his worldview and his value guided politics。 He even avows a spiritually contemplative orientation to his life。 I was attracted to his practice of daily meditation and the contemplative practice of the Examen。 I applaud Carney for the value he places on uncertainty， a requisite attribute for any spiritual contemplative。I also appreciated that he concluded his book with a chapter on humility。 In recognition of Carney’s Catholic faith and admiration for his pope， it seems fitting to insert here a quote from Pope Francis in a wonderful film I watched last night: Pope Francis: A Man of His Word。"Please allow me to say it clearly: the more powerful you are， the more your actions will have an impact on people， the more you are called to be humble！ Otherwise， your power will ruin you， and you will ruin the others"。It would appear that at face value， Carney and Pope Francis share in common a value for this leadership virtue of humility。 My exposure to this book aligns with a recent fervour I have developed for corporate and climate justice in our world。 Carney’s in-depth knowledge in these areas has been timely for me。 。。。more
Cathy
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3。5* rounded up
Myles
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Canadian Mark Carney’s “Value（s）: Building a Better World for All” could have benefitted by a little more editing。Well， maybe a lot more editing。He’s a little windy and preachy。 There are a lot of “we musts” in the text， a lot of forgettable acronyms， and countless lists， almost as if the author took the “Best of” framing for his discussion。I guess that comes from his experience in the international realm where gaining cooperation was paramount。It’s as if he couldn’t decide what was worth keepin Canadian Mark Carney’s “Value（s）: Building a Better World for All” could have benefitted by a little more editing。Well， maybe a lot more editing。He’s a little windy and preachy。 There are a lot of “we musts” in the text， a lot of forgettable acronyms， and countless lists， almost as if the author took the “Best of” framing for his discussion。I guess that comes from his experience in the international realm where gaining cooperation was paramount。It’s as if he couldn’t decide what was worth keeping and what worth throwing out， so he kept it all。It usually stems from an author who is unsure of his audience or who is a megalomaniac and believes everybody should read his book。I initially found Carney’s book on a facebook posting by my public library and I was intrigued。 I knew Carney had been a Goldman， Sachs flunkie， a Deputy Minister of Finance for the Canadian Government， and later Governor of the Bank of Canada， and more recently — and improbably — Governor of the Bank of England。So that meant he was a big wheel。 Why was he publishing a book now？ Was he contemplating a political run？ （A journalist friend tells me that yes， indeed， Carney plans a run for the Liberals。）Well， if his public speaking is anything like his prose， this man was not intended for politics。The book feels like a blueprint for capitalism on a dying planet。It’s less a work of history or public policy than a prescription for reorienting big business and finance and government from a doomsday scenario to an adaptive， planet friendly future。Carney is one of the few guys who knows enough about how all these things work that when he gets into the weeds on corporate governance and social responsibility， on how to get there from here， you really have to listen。His main beef is with the Milton Friedman economic tradition of the primacy of the shareholder over the rest of us in how banks and business are run。He doesn’t believe that kind of thinking has helped us navigate financial catastrophes， or pandemics， and is a prescription for disaster on climate。But he does very heartily believe that it is the dynamism of capitalism， corporate restraint， and big time international cooperation are our hope of managing the challenge that climate change presents。I resisted rating this book because — who knows — Carney could wind up being somebody really important and I wouldn’t want a guy with the power to order an audit of my tax return as an enemy。If you can grind through the leaden prose， you can learn stuff about international finance， standards setting， government cooperation that’s actually pretty important。But for the main point I really recommend Kate Raworth’s “Donut Economics: Seven Ways to Think Like a 21st Century Economist。”I couldn’t leave this book， however， without a sinking feeling that Carney is apologizing for a system of free enterprise that no longer really exists。 Our economy is buffered by gigantic oligopolies。Is there real competition anymore？ Does anyone really compete with amazon， Alphabet， Unilever， Bayer？On one level I find it completely understandable why young people shy away from starting new businesses here in Canada。 Making a profit whether you invest $500 or $5，000，000 is really hard。The alternative is clearly not communism， but capitalism is dreadfully inefficient and as JP Morgan once is believed to have said， “Competition is terrible for business。” 。。。more
Toby
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The pedant in me was delighted to spot a factual error as early as the second sentence （there is no St Michael's Lothbury， it is St Margaret's） however as this had nothing to do with economics I can let that one pass。 As to whether there were any factual errors in the rest of the book I am no fit judge。The book is rather a curious mixture that feels as though it has been sewn together in a less than seamless manner。 The individual parts are all very good， but the whole does not quite hold togeth The pedant in me was delighted to spot a factual error as early as the second sentence （there is no St Michael's Lothbury， it is St Margaret's） however as this had nothing to do with economics I can let that one pass。 As to whether there were any factual errors in the rest of the book I am no fit judge。The book is rather a curious mixture that feels as though it has been sewn together in a less than seamless manner。 The individual parts are all very good， but the whole does not quite hold together fluently。 Part I is a brief history of the rise of capitalist economics and the primacy of the market。 This veers between fairly basic A-level economics （my level） and something more complex。 Adam Smith， David Ricardo and Bitcoin all feature。 Key to the argument is the move from an objective value based on labour/resource input to subjective value based entirely on market appreciation。 This shift has key implications to the way that society and the market frames its priorities。Part II is a very well explained analysis of the two great financial crises of our era - financial crisis of 2008 and the Covid crisis of 2020。 For those wanting to get there head around why sub-prime mortgages in American caused the Great Reversal （and haven't watched The Big Short） this is as lucid an explanation as you are likely to get。 What really struck home for me was his revelation that in October 2019 the US and the UK were put at the very top of the list when it came to pandemic preparedness and yet the nations that coped best were not those supposedly most prepared but those who had the most transparent political system。 A system that can allow Trump and Johnson to lead their respective nations is not one that is going to be resilient when it comes to a crisis。Part III looks at leadership， corporate， national and global in the light of these crises and particularly the looming environmental catastrophe。 Chapter 14 was hard going， although it was something of surprise to me that shareholders are not the owners of their companies （was I taught wrong in my corporate finance course， or have I just forgotten it？）。 Carney puts forward an optimistic and insistent case for corporation and national governance based very much on Catholic social teaching （Carney's Christian faith is in the background but never explicit） and a belief that focus on ESG （environment， social， governance） over an obsessive pursuit of profit will actually lead to greater and more equitable growth in the long term。This is a bold vision in an age of populism， short-termism and fear of China。 It would be nice to think that he is right and that others take notice。 。。。more
Ian Durston
，
Really hard work - like reading a PhD thesis on finance and economics。 You've really got to know your stuff to make this a worthwhile read。 For the layman， dry and hard work I'm afraid。 Really hard work - like reading a PhD thesis on finance and economics。 You've really got to know your stuff to make this a worthwhile read。 For the layman， dry and hard work I'm afraid。 。。。more
Cameron Climie
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Read for Work Book Club。
Evgeniy Bogdanov
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Better to read in paper rather then listen to
Sam Chapple
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Met all of my highest expectations coming from Carney。 Well written， good charts and graphs， a bit thick and wordy， Mark showing off a bit。 Hope those who need to read it， get it。
Ingrid S
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This is tough read for non-financial types， lots of jargon and acronyms。 Personally I think Mr。 Carney is a little too self-congratulatory about his years at the Bank of England but he raises many good points about socially responsible capitalism and how financial systems will need to change if we're to achieve a net-zero carbon economy。 This is tough read for non-financial types， lots of jargon and acronyms。 Personally I think Mr。 Carney is a little too self-congratulatory about his years at the Bank of England but he raises many good points about socially responsible capitalism and how financial systems will need to change if we're to achieve a net-zero carbon economy。 。。。more
Eric Curiel
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A must-read for anyone interested in policy making， particularly of the economic variety。 As former head of the Central Banks of Canada and the U。K。， Carney is better placed than most to pull the curtain on the decision-making process behind monetary policy。 It is clear he’s poured his heart and soul in writing this book， which is solidly sourced in economics， philosophy and psychology。 Unfortunately， the output is somewhat uneven。 The chapters on policy making are by far the most interesting a A must-read for anyone interested in policy making， particularly of the economic variety。 As former head of the Central Banks of Canada and the U。K。， Carney is better placed than most to pull the curtain on the decision-making process behind monetary policy。 It is clear he’s poured his heart and soul in writing this book， which is solidly sourced in economics， philosophy and psychology。 Unfortunately， the output is somewhat uneven。 The chapters on policy making are by far the most interesting and even gripping。 The Global Financial Crisis， Brexit and Covid， he had to make momentous monetary policy decisions in conditions of maximum uncertainty， and he relates those moments with clarity and humility。 His philosophical inquiry into the dependence of value （how much anything is worth and how it is priced） and values （the things we care about both as individuals and a society） is interesting and well though our。 Although it makes some interesting and even insightful points， some of it gets lost in the weeds of too much background。 If you have a background in finance and economics， like I do， you’re much more likely to enjoy it than a total neophyte on these topics。 The chapters on socially responsible investing and management， albeit technically sound and exhaustively researched， were outright boring and read like the dissertation of an MSc in Finance。 Unless you’re an expert in the area， feel free to skip them。 The final chapters on his recommendations values-driven policy making are definitely enjoyable and deserve a wide audience amongst the governing elites and policy wonks。 Overall， it is an enjoyable and interesting book but one that is unlikely to gain purchase outside a fairly narrow segment of the public。 。。。more
Alan Medcalf
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This book is like 3 university courses on economics all rolled into one。 I haven't finished it yet， but am putting it aside for a while。 The author provides a well-researched and rich history of economics in the Western world， and uses that as a backdrop to help explain what's happening today and the choices we must make looking forward。 This book is like 3 university courses on economics all rolled into one。 I haven't finished it yet， but am putting it aside for a while。 The author provides a well-researched and rich history of economics in the Western world， and uses that as a backdrop to help explain what's happening today and the choices we must make looking forward。 。。。more
Rennie
，
This is very likely a 5 star book for the right audience but I was deficient in the level of knowledge and understanding that would have made this book accessible in its entirety so the 3 stars is more a rating of me as a reader than the book。 Essentially， change has happened and change will continue to happen at an accelerating pace and all we have to decide how much we want to help effect it and how much we are willing to just let happen to us。I hope Mr。 Carney is correct and governments and c This is very likely a 5 star book for the right audience but I was deficient in the level of knowledge and understanding that would have made this book accessible in its entirety so the 3 stars is more a rating of me as a reader than the book。 Essentially， change has happened and change will continue to happen at an accelerating pace and all we have to decide how much we want to help effect it and how much we are willing to just let happen to us。I hope Mr。 Carney is correct and governments and corporations alike will start looking at decisions they make to see if what they are doing is truly contributing to a viable future of "peace， safety and public good" for everyone instead of just a select few and if its not doing that， find an alternative that does。 。。。more
Bennison Smith
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3。5 / 5I got this book from the library thinking it would be a quick， interesting read。 My interest was based on the numerous discussions about Carney going on in Canadian political circles these days。While the book is indeed interesting to read it is not quick to get through。 Not by a long shot。I have no doubt Mr。 Carney will lose some readers in the first few chapters， which are abstract and - quite honestly - a bit dull。 The dull beginning， however， is offset by a strong middle portion and an 3。5 / 5I got this book from the library thinking it would be a quick， interesting read。 My interest was based on the numerous discussions about Carney going on in Canadian political circles these days。While the book is indeed interesting to read it is not quick to get through。 Not by a long shot。I have no doubt Mr。 Carney will lose some readers in the first few chapters， which are abstract and - quite honestly - a bit dull。 The dull beginning， however， is offset by a strong middle portion and an outstanding final （short！） chapter on "Humility"。 If you read only one portion of this book， I think that last chapter should be it。The penultimate chapter preceding the aforementioned one is supposedly about Canada （"How Canada Can Build Value for All"）， but strangely Canada itself is not mentioned all that much in the chapter。 There are some passing references to Canadian society present as well as a couple Canadian social policies used as examples to tie into the concepts being discussed， but those are few and far between。 It was almost as if the author decided near the end of the book's editing process that he wanted to connect the book a little more to his home and native land， so he arbitrarily chose that chapter in particular to park some Canadian references in。 I digress。 Its not a bad chapter by any means， but， like some other stretches of this book， seems like it could have used a strong editor to give it cohesion。Overall， the book has a lot to say on the three Cs: Climate Change， Credit and COVID-19。 When discussing the three topics in tandem， it is undoubtedly at its most compelling for the casual reader。Mr。 Carney is clearly a smart， articulate guy。 He relies a little too much on bullet-points and numbered lists for my personal taste， but this book is nonetheless both well-written and well-researched。 In fact， I jotted down some interesting books and articles that are referenced in the endnotes section for my own interest。If anything， the book makes me excited to see what Mr。 Carney tackles next。 It could be the long-rumoured entry into federal politics in Canada， or something else。 I do recommend this book， just not lightly。 It is a really good 500+ page book that could probably have been a great <400 page book。 。。。more
Andrew Hickey
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A technocratic read which is a bit tough in places for non economists like me。 Nevertheless the sentiment of values based value strikes home if you can get through it。 I hope policymakers take note of this from one of their own。
Austin Gaghadar
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This book was a thorough and thought provoking exploration of some of the most pressing issues of our time coupled with a number of creative and compelling potential solutions。 I felt this book did a good job canvassing defining moments of crises over the past two decades， discussing the financial crisis and pandemic as well as a look forward to the lessons this could teach us about the upcoming climate crisis。 The book offered a useful array of lessons and takeaways that the Carney has gleaned This book was a thorough and thought provoking exploration of some of the most pressing issues of our time coupled with a number of creative and compelling potential solutions。 I felt this book did a good job canvassing defining moments of crises over the past two decades， discussing the financial crisis and pandemic as well as a look forward to the lessons this could teach us about the upcoming climate crisis。 The book offered a useful array of lessons and takeaways that the Carney has gleaned through his unique and high level professional experiences from these past moments of seismic shift， highlighting the ways that we can use this knowledge to avoid the worsts of future crises。 The organization of this book was also effective。 The three sections， which easily could have each comprised their own book， woven together through the central theme of value。 This provided the scope to discuss the history of money and couch the discussion without the broader social and philosophical context of how our society thinks about value before delving in the to the heart of the subject matter。 Finally， leading into a more robust discussion on the vision Carney has for how to ameliorate these existing problems within this broader social context。 This allowed for fun tendrils throughout linking the the different sections through unexpected and insightful connections。 One of the areas where this book could have been improved however was in terms of concision。 While the chapters were broken into more easily manageable subsections there could have been more work done to limit the repetition throughout the book。 This seemed to move beyond the point of emphasis towards a lack of respect for the ability of the reader to pick up on the key points the first times they were mentioned。 This could have served to make the book shorter and more to the point。 In addition， while this book was very well researched and supported with a number of objective facts the interjection of personal anecdotes and stories was also generally welcome change。 However， the orientation of these stories at times seemed to veer more towards self aggrandizement than simply story telling and fact delivery which made it unclear at times what the ultimate purpose of the telling of that story was。 Overall， I deeply agree with the main thrust of the argument that in order to remedy these era defining issues there must be robust co-operation and alignment between the private and public sectors。 Allowing for the power of the market and our capitalist system to work to the full potential。 With this guiding principle Carney offers a number of resolute and implementable ideas to consider and put into practice。 Making this book a thoughtful analysis of where we have been and a hopeful challenge to push ourselves to see where we can go。 。。。more
Imad Ahmed
，
Picked this up because of an FT review extolling its virtues of idealism， but was a little disappointed。 Carney's discussions about finance's role to play in fighting climate change didn't come until the second half of the book。 The first half was defining money， going over the genesis of the global financial crisis and covering public economic value - all stuff that anyone who would have picked up a central banker's book would already have read and be tired of reading about。 （Mariana Mazzucato， Picked this up because of an FT review extolling its virtues of idealism， but was a little disappointed。 Carney's discussions about finance's role to play in fighting climate change didn't come until the second half of the book。 The first half was defining money， going over the genesis of the global financial crisis and covering public economic value - all stuff that anyone who would have picked up a central banker's book would already have read and be tired of reading about。 （Mariana Mazzucato， his co-panelist at Davos， did a better job of defining the value of public investment。）This was more of a self journey with Carney's teaching weaved in。 。。。more
David Wineberg
，
Mark Carney is no longer the Governor of the Bank of England or of the Bank of Canada。 So a fat book by him should be expected to explain his real thoughts， not the stilted public statements of officialese， and his real reactions to people and events， not the politically shackled statements designed to reveal nothing。 His book Value（s） makes it seem as if he was still in office as a central banker。The basic principle is that value， ie。 a dollar， pound or euro amount， is being confused and confou Mark Carney is no longer the Governor of the Bank of England or of the Bank of Canada。 So a fat book by him should be expected to explain his real thoughts， not the stilted public statements of officialese， and his real reactions to people and events， not the politically shackled statements designed to reveal nothing。 His book Value（s） makes it seem as if he was still in office as a central banker。The basic principle is that value， ie。 a dollar， pound or euro amount， is being confused and confounded with values， which are societal， and not monetary。 He summarizes it this way: “In recent decades， subtly but relentlessly， we have been moving from a market economy to a market society。 Increasingly， to be valued， an asset or activity has to be in a market; the price of everything is becoming the value of everything。” He keeps to that theme pretty much throughout， but it becomes endlessly repetitive once you understand how he thinks。 He thinks like a bureaucrat。Carney loves citing the wisdom of others， and many of the numerous quotes throughout the book are worth highlighting。 He does a much better job than most in picking relevant and eloquent citations。 But his own wisdom seems to be limited to breaking down every topic to its smallest units， then measuring， recording and reporting them up the chain， so that they might provide value to those who might actually have a plan of action。His thirst for knowledge is also impressive。 Central bankers （thankfully） want a handle on everything in the economy。 And the economy includes pretty much everything。 Heading up a central bank means you get all the original research from anywhere you want， the actual unvarnished truth of the matter。 So Carney can tell you that a study by Statistics Norway during the COVI19 pandemic estimated that school closures cost $173 per child per day in lost future earnings and lost parental productivity。There are two chapters on COVID19 as well the financial crisis， and two on climate change as well as the gold standard。 Carney likes to think （or perhaps hopes） he has not lost the common touch， talking to shop owners and students as well as heads of state and other central bankers。 The book ends with a chapter on humility。 He says “A sense of self must be accompanied by s sense of solidarity。” Early on， he sets out the three lies of markets: This time is different， markets are always right/clear， and markets are moral。 These lies play out in several chapters on different topics。 Central bankers have not figured out the universal law to success or even stability。 They are constantly reacting to events。 They are constantly surprised by events。 And although he doesn’t go there， they are constantly fighting today’s battles with yesterday’s new tools， designed for the last crisis， which was completely different。 But through it all， the three lies continue to come back to bite the economies of countries again and again。 Every ten years or so。 It’s astonishing， even to Carney。 Bankers never learn， and as soon as things settle down and the economy picks up， bankers start taking forbidden chances again。 They succeed for a while， he says， and the economy appears to benefit， so regulators and politicians back off。 Until it all blows up again。 And it always boils down to these same three lies the whole finance world knows so well。Readers might think Carney is therefore not sold on market economies， but he totally is。 Despite their unending attempts to monetize values， their continual skirting of regulations to produce the next banking crisis， and the endless greed they routinely qualify as virtue， Carney understands their power to build， innovate， and of course， fund。 This， like everything in the book， is not in the least controversial。Despite knowing and working with the who’s who of finance， Carney is not about to criticize anyone else。 Even for Alan Greenspan， whose hands-off administration led The Great Moderation of supposedly endless stability to the great financial crisis of 2008 （which for some has still not ended）， Carney has no critique。 The farthest he goes is to quote Greenspan himself at a congressional hearing where he admitted to being “partially wrong” after seeing the incredible greed of Wall Street in action。 Otherwise， everything’s good。Carney is forgiving of pretty much everything。 Banking， finance and economics are continually evolving。 What was true when we were on the gold standard is not true today。 Rules made yesterday will need revising tomorrow。 All the errors are forgivable。Except one。By far the most negative and critical chapter in the book is about cryptocurrencies。 These are apparently evil incarnate。 Carney basically has nothing good to say about them。 They are not authorized， not regulated， not bound by nations， central banks or governments。 They offer no guarantees， no oversight and no submission to rules other than their own。 They don’t scale and aren’t universally available。 They will never replace currencies， which do offer all of the above， and anyway， today’s currencies are more and more global and digital every day， so cryptocurrencies offer little or nothing over central bank-issued real money。 A crypto coin from a central bank offers nothing for Mark Carney。 In his own words:“It must improve fairness by increasing financial inclusion and promoting solidarity。 New forms of money and payments must make good on their potential to democratise financial services by opening access to all。 That means dramatically lowering the costs of payments， banking and cross-border transactions including remittances。 And it means promoting competition for customer services。 All network externalities in new forms of money should accrue to the benefit of the public…New payment systems must be scalable。 After all， money is a social convention， a network。 The more people that use it， the more useful it is。 To be effective， the forms of money must be at least as efficient at large scale as they are at smaller ones。 At present， this is a marked deficiency of most crypto-substitutes。“Once they are brought into the regulatory net – as all forms of money eventually are – their attractiveness to many of their core users will cease。“This is as dramatic as the book gets， and it is all focused on digital coins。 He does not apply anything like this passion or criticism to anything else。 Bizarrely， he does not accord to crypto the forgiveness he offers on every disaster in economic history。 Unlike everything else， they will apparently never evolve from where they are today。 Unlike， say， the pound， which was under his control and which he says， has suffered inflation of 2200% just in our lifetime。 The chapter on cryptocurrencies seems condescending， inadequate， and demonstrates not so much analysis as contempt for the whole movement。Back on terra firma， Carney offers five lessons from the financial crisis of 2008:-The market can be wrong longer than you can stay solvent-Hope is not a strategy and to quote Tim Geithner’s refrain plan beats no plan。 And a plan that is actually executed is the best one of all。 Searching endlessly for the best is the enemy of the good。-Communicate clearly， frequently and honestly-There are no libertarians in financial crises。-Overwhelming force is the best way to restore confidence。This brings up the unbelievable number of lists in the book。 There seems to be one on every other page。 They get to Carney’s modus operandi of breaking things down and listing the component parts。 Everything can be reduced to three， four or five points， with a couple of sevens in there along the way。 He applies this to everything。 It can be instructive， but after a hundred of them， it becomes routine and wearying。 And most of them are not nearly as insightful as the financial crisis points above。Value（s） has two chapters on climate change， but neither one contains any thoughts on how to tame it。 Instead， they are about bureaucratic process and ESG， the new rating system for companies to rate themselves on environmental， social and governance issues like diversity。What are central banks doing？ “Network for Greening the Financial System （NGFS）， a coalition of seventy central banks， representing countries that generate almost three-quarters of the world’s emissions， have developed representative scenarios to show how climate risks might evolve and affect the real and financial economies。” They’re modeling。What does Carney recommend for lawmakers？ “Credible policy frameworks reduce the risk that businesses form wrong expectations about future policies and continue to invest in obsolete technologies。 By setting out clear strategies， politicians can provide forward guidance on the policies they plan to put in place。 Such predictability of climate policy helps companies start adjusting to the reality of a net-zero world today， and ensures that this adjustment is orderly。” More modeling。His most memorable thoughts on climate are two small anecdotes。 Carney says he received Greta Thunberg one day at the Bank of England。 He took her downstairs to show her the hundreds of millions of pounds worth of gold stored there。 That she was unimpressed would be a good British understatement。 Carney simply says Thunberg has a way of keeping you focused on her issue。Then in the USA， Carney cites the head of Morgan Stanley， James Gorman， answering a question in congressional testimony about “whether climate change really was a risk to financial stability: ‘It’s hard to have a financial system if you don’t have a planet。’”That’s better than everything else in both chapters combined。But Carney is not deterred。 In his love of lists and process， he says: “There are a variety of ways to calculate the warming impact across equities， corporate bonds and sovereign bonds and then to combine them into a single ‘portfolio’ score。 They have three steps in common:1） allocating carbon budgets and translating them into benchmarks;2） assessing company-level alignment relative to these benchmarks; and3） aggregating the results to a portfolio level to assess portfolio alignment。” James Gorman was better。The book seems to be built on three verbs: need， should， and must。 Carney is all about bankers and governments needing to do this and that。 But the verbs are not followed by solutions。 Carney’s needs and musts are about putting structure in place to analyze the effects of solutions should anyone come up with them。 He himself has none。 Here’s an example of what readers will encounter again and again， which they eventually realize are not so much profound as meaningless:“Advancing patriotism by reinstilling common purpose， ideals and values in global affairs is integral to country strategies that build opportunities for all。 We need a new form of international integration， one that is focused on outcomes， that maintains values and preserves sovereignty in its truest sense。 That is the highest example of institutions adapting to achieve their purpose。”Central bankers live in a closed world that can be fascinating。 Carney tells of his time in the UK， where choosing who to put on pound notes and coins， the colors used on the notes， the polymer paper – all finely figure into the requirement to make the bank appear substantial， stable and reliable。 Banking， now that there is no gold backing money， is a confidence game。 As long as everyone believes there will always be a Bank of England， and that it is run by enormously careful and skilled technocrats， the pound， and the economy， are safe。 Any thought to the contrary must be avoided， denied or expunged。 Along the same lines: “We have learned that talking about ‘prices and jobs’ is far more effective than the economic jargon of inflation and employment。” Central bankers recognize their audience。 It just means banks will continue to be bailed out， currencies will continue to be manipulated， and debt will continue to rise。 Because that’s how they build confidence in money。 This is the kind of insight I wanted to read more of， but what I have referenced here is pretty much all there is in the book。I was rather hoping Value（s） would be a seat at the central bankers’ table。 It is everything but。 And flat to boot。David Wineberg 。。。more
Ted Farrell
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I'm not capable of giving this book a rating。 It would be impertinent of me to try。 Much of it deals with a world of economics and finance way beyond my competence。 What I can say is that， a。lthough keenly aware of the enormous threat of climate change， the book is a message of hope， a blueprint for a better future for those who come after us。 I'm not capable of giving this book a rating。 It would be impertinent of me to try。 Much of it deals with a world of economics and finance way beyond my competence。 What I can say is that， a。lthough keenly aware of the enormous threat of climate change， the book is a message of hope， a blueprint for a better future for those who come after us。 。。。more
Marta
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Very dry style， was finding it hard to convince myself to turn another page。 Good chapters on Covid-19 crisis and climate change but the rest is like reading a very dull university textbook。 Would not recommend unless you're REALLY into economy （fanatic level）。 Very dry style， was finding it hard to convince myself to turn another page。 Good chapters on Covid-19 crisis and climate change but the rest is like reading a very dull university textbook。 Would not recommend unless you're REALLY into economy （fanatic level）。 。。。more
Jan
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This is a heavy， but excellent， read。 Very well researched by Mr。 Carny。 Can’t help but wonder if this book is a harbinger of a political run。
HARRIET ELIAS
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Some interesting ideas but rather long winded and dull presentation Thought provoking observations linking economics with moral values and climate change
Graeme Stewart
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Central bankers are a level-headed lot， and Carney provides a level-headed and detailed program for creating an economic system driven by our values， not just financial value。 Thoughtful and engaging ideas about the power of markets can be leveraged to fight climate change and drive a more just COVID recovery， although I found some of the deep dives into investment theory a bit hard to follow。 Also a perplexing number of typos- feels like a few chapters were rushed。 Whether that was to get the b Central bankers are a level-headed lot， and Carney provides a level-headed and detailed program for creating an economic system driven by our values， not just financial value。 Thoughtful and engaging ideas about the power of markets can be leveraged to fight climate change and drive a more just COVID recovery， although I found some of the deep dives into investment theory a bit hard to follow。 Also a perplexing number of typos- feels like a few chapters were rushed。 Whether that was to get the book out before COP26 or in time for a political run， I’ll leave up to you。 。。。more
Ben Rogers
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It was okay。 Although it was long， I truthfully found it pretty high level。 It doesn't get too granular。 Still learned some good things from it！ 2。9/5 It was okay。 Although it was long， I truthfully found it pretty high level。 It doesn't get too granular。 Still learned some good things from it！ 2。9/5 。。。more
Jordan
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A partial DNF。 Took this out from the library and hoped to finish before I moved， when I realized I wouldn’t finish it I skimmed most and read the chapters I was most interested in。 Couple things， I respect Mark Carney， I’ve followed his career since his days as head of the BOC。 For someone to have such high positions and still value human lives， the environment over profit and gains is admirable。This book lays that out， it speaks to the difference between Value - how much something is worth - a A partial DNF。 Took this out from the library and hoped to finish before I moved， when I realized I wouldn’t finish it I skimmed most and read the chapters I was most interested in。 Couple things， I respect Mark Carney， I’ve followed his career since his days as head of the BOC。 For someone to have such high positions and still value human lives， the environment over profit and gains is admirable。This book lays that out， it speaks to the difference between Value - how much something is worth - and Values - your moral compass-。 This is the essay I tried to write 100 times as an Econ major and failed。 It’s a well researched book， with a good history of Econ and a good path forward。 Interesting read， my only beef is it is a little text bookish。 Will pick It up for a more thorough read this summer。 。。。more
Tristan Eagling
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The reason I brought this book was the author， the handful of books I have read on economics are largely written by academics and journalists， who are merely observers。 Mark Carney in his role as Governor of the Bank of Canada， and more recently the Bank of England， has lived and influenced our current financial system and has had a fount row seat for significant events， such as the financial crisis and Brexit。 Unfortunately， the book is let down by the author; it is overly long and in places ve The reason I brought this book was the author， the handful of books I have read on economics are largely written by academics and journalists， who are merely observers。 Mark Carney in his role as Governor of the Bank of Canada， and more recently the Bank of England， has lived and influenced our current financial system and has had a fount row seat for significant events， such as the financial crisis and Brexit。 Unfortunately， the book is let down by the author; it is overly long and in places very dry， it's also quite jarringly self-aggrandizing （despite preaching the importance of humility on a number of occasions）。 Where this book shines is when it is illuminating the flaws in our financial system， particularly those related to climate change and COVID 19 related inequalities， and in highlighting the need for urgent action。 We also get， if you have the patience， a very informed and in depth explanation of why the 2008 financial crises happened。 Carney， however， falls short of condemning perpetual growth or 'the market' and instead offers （at length and not massively convincing） ways in which markets can be made to， or will make themselves， work more in our favour。 In the end， Carney recognises that capitalism is sick and no longer fit for purpose， pulls out his gun， but stops short of pulling the trigger。 。。。more
John
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This book was， for a non-economist and small-time investor， a tough slog。 I'm not in a good position to judge Carney's economic or business insight。 But what I loved is how he constantly pulls his readers back to basics--to the values we live for and by。 He points out in many ways that these values don't always align with profitability for a few or elites。 He worries that some of the most important things in this world are not valued at all， economically--reefs， forests， fresh water， social capi This book was， for a non-economist and small-time investor， a tough slog。 I'm not in a good position to judge Carney's economic or business insight。 But what I loved is how he constantly pulls his readers back to basics--to the values we live for and by。 He points out in many ways that these values don't always align with profitability for a few or elites。 He worries that some of the most important things in this world are not valued at all， economically--reefs， forests， fresh water， social capital， and so on。 And he discusses， at length， the fiscal and political struggles we will have to engage in to overcome COVID wreckage and Climate Change--not to mention assorted fiscal crises we constantly invite through poor or de- regulation and transparency。I think this might be his "coming out" book as a politician。 He's no conservative capitalist， that's for sure。 But he is a capitalist， a person who wants markets to work for the betterment of all society， rather than for a few。 He's going to be an interesting guy to watch。 Is the future of the liberal party either Carney or Freeland？ I bet it is。 。。。more
Bruce Crown
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0。80Former banker finds out its woke to talk about "ethical banking" and "values。" Both abstract terms that mean nothing。 neoliberal propaganda。 0。80Former banker finds out its woke to talk about "ethical banking" and "values。" Both abstract terms that mean nothing。 neoliberal propaganda。 。。。more
Chris
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