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Smart Money - How High-Stakes Financial Innovation is Reshaping Our World For the Better (Hardcover)
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Smart Money - How High-Stakes Financial Innovation is Reshaping Our World For the Better (Hardcover)
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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 centres 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.
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