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Smart Money: How High-Stakes Financial Innovation is Reshaping Our World—For the Better

Palmer, Andrew

Published by Basic Books
ISBN 10: 0465064728 / ISBN 13: 9780465064724
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Title: Smart Money: How High-Stakes Financial ...

Publisher: Basic Books

Binding: Hardcover

Book Condition: New

Description:

Num Pages: 304 pages. BIC Classification: KC; KFF; KFFK. Category: (G) General (US: Trade). Dimension: 165 x 243 x 35. Weight in Grams: 518. . 2015. Hardcover. . . . . Books ship from the US and Ireland. Bookseller Inventory # V9780465064724

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Synopsis: Seven years after the financial crisis of 2008, financiers remain villains in the public mind. Most Americans believe that their irresponsible actions and complex financial products wrecked the economy and destroyed people?s savings, and that bankers never adequately paid for their crimes.

But as Economist journalist Andrew Palmer argues in Smart Money, this much maligned industry is not only capable of doing great good for society, but offers the most powerful means we have for solving some of our most intractable social problems. From Babylon to the present, the history of finance has always been one of powerful innovation. Now a new generation of financial entrepreneurs is working to revive this tradition of useful innovation, and Palmer shows why we need their ideas today more than ever.

Traveling to the centers of finance across the world, Palmer introduces us to peer-to-peer lenders who are financing entrepreneurs the big banks won?t bet on, creating opportunities where none existed. He explores the world of social-impact bonds, which fund programs for the impoverished and homeless, simultaneously easing the burden on national governments and producing better results. And he explores the idea of human-capital contracts, whereby investors fund the educations of cash-strapped young people in return for a percentage of their future earnings.

In this far-ranging tour of the extraordinarily creative financial ideas of today and of the future, Smart Money offers an inspiring look at the new era of financial innovation that promises to benefit us all.

Product Description: Six years after the financial crisis, investment bankers remain villains in the public mind. But as Economist editor Andrew Palmer reveals in Smart Money, this vilified industry is capable of doing great good for society. In this sweeping account of the history, present, and future of financial innovation, Palmer argues that we need bankers today more than ever before. From social-impact bonds that fund safety net programs for the homeless to human-capital contracts that send lower-class youth to college, and from start-ups that invest in cancer research to financial products that encourage people to save more money for retirement, bankers are building better lives for people across the world—and across the income spectrum.

While acknowledging the role of complex financial products in causing the Great Recession, Palmer convincingly argues that the financial sector is the nevertheless the source of surprisingly effective solutions to the most intractable problems of the twenty-first century.

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