Universal obligation and fair finance meeting everyone’s needs Robert Braun, PhD New Economics Forum Corvinus University, Budapest.

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Presentation transcript:

Universal obligation and fair finance meeting everyone’s needs Robert Braun, PhD New Economics Forum Corvinus University, Budapest

Financial system – why is it important Universaly recognized mechanism of exchange Denial of being able to manage the universal unit of exchange – preventing people from participation in society Financial exclusion = social exclusion

Every crisis is an opportunity Crisis presents a unique chance to rebuild the financial infrastructure –Do more of the same [restore the normal functioning of the financial system] or –Change paradigm [offer loan & financial facilities for a network of productive local economies & people, mindful of the natural environment]

What is finance? Means to an end – support: –Inclusive –Equitable –Sustainable economy + creating real value: economic, social, and environmental.

Six principles of rebuilding the financial system Scale: both the sector & its institutions are too big [too big to fail] Distance: Investors are removed from assets/hard to assess risks and potential Stability: Booms & busts – short termism Diversity: Need for specialized financial instuitutions Value: triple bottom line principle not just financial profit Democracy & participation: new mechanisms for stakeholder democracy internally and on the meta level

Key goals of reform Licence to FSP must include social contract element Individual and corporate risk assessments and ratings must be separated Support diverse alternative models of ownership – mutuals & coops Usury regulation vs. basic payment

Transact National Conference 2010 on Financial Inclusion [Open space agenda discussion] Issues and most votes: –Post Office to become basic bank service provider –Work towards a FI National Indicator

Thank you.