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Necessary Evil: How to Fix Finance by Saving Human Rights


ISBN13: 9780190691127
Published: May 2018
Publisher: Oxford University Press USA
Country of Publication: USA
Format: Hardback
Price: £21.99



In stock.

Finance governs almost every aspect of modern life. Every day, we use the financial system to mortgage our homes, to insure our health, to invest in our futures through education and pension funds, to feed and clothe ourselves, to be paid for our labor, and to help others in need.

As the fuel of capitalism, finance has been a major force for human progress for centuries. Yet it has periodically generated disasters too, from the Great Depression to the recent sub-prime mortgage crisis.

In writing Necessary Evil, eminent human rights law scholar David Kinley spent ten years immersed in researching finance's many facetsafrom how it is raised and what it is spent on, to when it is gambled and who wins and who loses to produce this unique account of how finance works from a human rights perspective. He argues that while finance has historically facilitated many beneficial trends in human well-being, a sea change has occurred in the past quarter century.

Since the end of the Cold War, the finance sector's power has grown by leaps and bounds, to the point where it is now out of control. Oversight of the sector has been weakened by deregulation, as powerful lobbyists have persuaded our leaders that what is good for finance is good for the economy as a whole. Kinley shows how finance has become societyas master rather than its servant, and how, as a consequence, human rights concerns are so often ignored, sidelined or crushed.

Using episodes of financial malfeasance from around the globeL from the world's banking capitals to the mines of central Africa and the factories of East Asia. Kinley illustrates how the tools of international finance time and time again fail to advance the human condition. Kinley also suggests policies that can help finance protect and promote human rights and thereby regain the public trust and credibility it has so spectacularly lost over the past decade.

An authoritative account of the extraordinary social consequences of the financial system at the heart of the worldas economy, Necessary Evil will be an essential tool for anyone committed to making global capitalism a fairer and more effective vehicle for improving the lives of many, and not just providing for the comfort of a few.

Subjects:
Human Rights and Civil Liberties
Contents:
Introduction
Taming the money monster
The argument
The research journey
The finance/human rights relationship
Stages in the relationship

Chapter 1 Strange bedfellows
Hubris
Finance as a utility
Financial ownership
Financial weapons of mass destruction
Transformative powers
Interdependency
The poverty prism
The public problem of private poverty
Incentives and exceptionalism
Anthropology on Wall Street
Mission statement

Chapter 2 Living together
Ends and means
Money as an instrument
A common liberal heritage
Human rights globalization
Paying for rights
Finding rights
Human rights and the global economy
Rights Politics
Complicated confederacy
Speaking different languages
Missed opportunities
Human needs and human rights
Rights differences
Rights impacts

Chapter 3 Flirting with Risk
The attraction
From boring banking to fantasy finance
The majesty and tragedy of leverage
Human rights risks
Rich world austerity
Poor world impacts
Faith
Faith no more
Greed
Greed in finance
When risk goes bad
Risky lessons
Conclusion

Chapter 4 Private matters
What money can buy
The generation and investment of wealth
Income
Remittances and credit
Rent-seeking
Capital
Capital and tyranny
Capital gains
Responsible capital
The business of impact
Equity and inequality
Rewarding capital
Consequences of unequal wealth
Wealth and giving
The givers
The Receivers
Mixed motivations
How much is enough?
The private/public connection

Chapter 5 Public affairs
Duty
The voice of human rights
Public funding of human rights
Taxation, representation and rights
The consequences of levying tax - a brief history
Of ghosts and icebergs - the consequences of lost tax
Tax as a force for good
Aid and debt
Development and human rights: more awkward than intimate
Partnering with the private sector
Getting the mix right
Does 'new' aid work?
Poorly
Promising
Possibly
Conclusion

Chapter 6 Cheating
Consequences
Deceit and subversion
Illicit finance
Tax evasion
Tax free
Tax sport
Misappropriation
Questions of impunity
Regulatory capture
Legal smoke screens
Denial in finance
Denial in human rights
Wishful thinking
Measuring progress
Conclusion

Chapter 7 Counseling and reconciliation
What sort of counsel?
The long shadow of financial exceptionalism
Attitudes and culture
Empathy
Responsibilities
Esteem
Sleaze
Capacity for change
Regulatory intervention and risk
Identification of risk
Allocation of risk
Risk and the rule of law
Alternatives
Reaching across the divide
Conclusion