We have a significant crisis in finance. Inequality is growing and so is fraud and corruption, with money helping to support wars and conflict, and keep the poor in their place. Looking at the professions of banking, accounting and law, there does not appear to be any decline in their fortunes or fees. They profit from the inequities and injustice which seems very odd given their remit to be ethical and protect the public interest. Climate change has added fuel to the fire, raising fundamental questions about the limits of money. More laws and regulations have failed to improve society and instead enriched the experts.
As a social scientist and public intellectual, I am continuing my research on this theme and am now embarking on a ground-breaking new theory of finance. This will put ethics and values at the front and centre of finance and draw wisdom from the variety of traditions, faiths and cultures of the world. I want to allow nature, history, beliefs and collective experiences to help build such an inclusive and sustainable science for all our better futures.
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Such a project is both ambitious and demanding. Most scholars focus on analysis and data, using evidence to show their craft and improve learning. Theory, however, is challenging and tricky because it goes to the very fundamentals of our knowledge and understanding and uproots them. It tries to show a different framework for teaching, education and the training of professionals. My aim is to transform and overhaul our knowledge systems in finance to help make it more equal, ethical, accountable, compassionate and sustainable. I also want to be plural and inclusive of diversity, in stark contrast to the mono-cultural and technical science of finance.
I am confident about my abilities to fulfil this task given my long and distinguished training, international travel, conference participation, books, research reports, publications and research experience. What I could do with is resources and support to do the work and spread it far and wide. I am open to your suggestions and ideas, to help build a better world for future generations.
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Thanks for your encouragement on this journey.
Professor Atul K. Shah [@atulkshah] teaches and writes about Indian wisdom on business, culture and community at various UK universities and is a renowned international author, speaker and broadcaster.
