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Re-Imagining Capitalism$
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Dominic Barton, Dezsö Horváth, and Matthias Kipping

Print publication date: 2016

Print ISBN-13: 9780198785453

Published to Oxford Scholarship Online: October 2016

DOI: 10.1093/acprof:oso/9780198785453.001.0001

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Imagining a Sustainable Financial System

Imagining a Sustainable Financial System

(p.193) 14 Imagining a Sustainable Financial System
Re-Imagining Capitalism

Simon Zadek

Oxford University Press

Financial and capital markets create externalities, positively when serving the needs of an inclusive, sustainable economy, and negatively when holding back economic development, and increasing inequality and the deterioration of natural capital. This chapter explores the latter effects and roles for central banks, regulators, and standard setters. It draws on work undertaken under the United Nations Environment Programme Inquiry into Design Options for a Sustainable Economy, which found an emerging “quiet revolution” of innovations in this respect, particularly although not exclusively from developing countries. The chapter proposes an empirical framework for the further exploration of the nexus between the evolution of the financial system and sustainable development.

Keywords:   financial system, externalities, environment, short termism, developing countries

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