Purpose Inspired: by Wayne Visser

S1.E21: Sustainable Economics - Part 6: Banking

May 31, 2019 Wayne Visser Season 1 Episode 21
Purpose Inspired: by Wayne Visser
S1.E21: Sustainable Economics - Part 6: Banking
Show Notes

It is one of the great ironies of the unsustainable economy that those who most desperately need money are denied it, or made to pay an exorbitant price to get it. Most banks consider the poor as ‘unbankable’ and focus their appetites on ‘high net worth’ individuals. In the sustainable economy, however, equitable access to finance is high on the list of priorities, as is ensuring that the banks invest their money in sustainable activities. An example of financing a healthy society is the growth of the community development banks in the USA. Social banks are the European equivalent of America’s community development banks. Another issue that concerns sustainable finance types is the potentially perverse effects of interest on the most vulnerable sections of the population. While charging interest on loans dates back more than 4,000 years, so do critiques of its negative impacts.