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Full Description
As a response to ongoing economic, social and environmental crises, many private actors have enlarged their definition of 'value' to include environmental and social elements. Such practices, however, appear incompatible with the current epistemological structure of academic financial discourse. This paradox challenges us to reconsider the foundations of modern finance, particularly the dominant role of shareholders.
The volume argues there is a need to turn the established order upside down. Studies in economics and finance have to be embedded in environmental and social welfare to answer the challenges we face, and there is a need for a radical break with the methodological individualism that dominates economics, management and (especially) finance. It is our responsibility to question social welfare when it is defined only as maximising shareholder value. Should we instead promote a substitute to the shareholder? How should we (re)define the concept of value? This volume serves as a stepping stone for rethinking academic finance, and attempts to carve out innovative paths for financial research in the 21st century.
Contents
PART I: INTRODUCTION
Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance - Bernard Paranque and Roland Perez
PART II: CRITICAL ANALYSIS OF THE DOMINANT FINANCIAL PARADIGM
An Alternative to Shareholder Value Creation: Subverting the Domination of Capitalist Exchanges Through the Production of Uses and Common Pool Resources Management - Bernard Paranque
Prolegomena to an Alternative Study of Finance - Thomas Lagoarde-Segot
Analysis of the Financial Crisis, or Crisis in Financial Analysis? - Roland Perez
PART III: SOCIALLY RESPONSIBLE INVESTMENT, MICRO-CREDIT, AND ALTERNATIVE MANAGEMENT
A Critical Analysis of Socially Responsible Investment (SRI): Meta-Debate and Development Perspectives - Christophe Revelli
SRI 2.0: More Than a Makeover - a Fundamental Reformulation - Jacques Ninet
Why Has Microcredit Had Such a Limited Impact on the Reduction of Poverty in Sub-Saharan Africa? - Jean-Michel Servet
Local Systems of Exchange in Kabylia: Economy of Reciprocity and Constraint of Traditions - Bela?d Abrika, Bernard Paranque and Cecile Perret
Brand Value Creation Versus Destruction: The Relationship Between Consumers, Marketers, and Financiers - Bernard Paranque and Bernard Cova
Cooperatives - An Alternative to Capitalism? The Case of the John Lewis Partnership - Bernard Paranque and Hugh Willmott
PART IV: FINANCE, ETHICS, AND SOCIETY
Applying Mindfulness and Compassion in Finance - Christophe Faugere
From Financial to Economic Intermediation: Islamic Banking's Unheard Message - Abdel-Maoula Chaar
Islamic Investment Versus Socially Responsible Investment: Lessons from Comparison - Bernard Paranque and Elias Erragragui
PART V: CONCLUSION
A Provisional Conclusion: A Shift Towards Finance as a Commons? - Bernard Paranque
Postface: Let a Thousand Flowers Bloom
Appendix A: Presentation of the Finance and Sustainability Programme (FAS)
Appendix B: Post Crisis Finance Association - from Crisis to Viability: Finance Reconsidered - for a Manifesto
