Cover image for Necessary evil : how to fix finance by saving human rights / David Kinley.
Title:
Necessary evil : how to fix finance by saving human rights / David Kinley.
ISBN:
9780190691127
Publication Information:
New York, NY : Oxford University Press, [2018]

©2018
Physical Description:
xiii, 268 pages ; 25 cm
Contents:
Preface; Introduction; Taming the Money Monster -- The Argument -- The Journey -- The Finance/Human Rights Relationship -- Stages in the Relationship -- 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 -- The Mission -- 2. Living Together -- Ends and Means -- Money as an Instrument -- A Common Liberal Heritage -- Human Rights GlobalizationPaying 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 -- 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 -- Friends with benefits -- 4. Private Matters -- What Money Can BuyThe 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 -- 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:Â More Awkward than Intimate -- Partnering with the Private Sector -- Getting the Mix Right -- Does "new" Aid Work? -- 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 -- Repair -- 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 -- Till Death US do Part -- Notes -- Index.
Abstract:
"Finance is the evil we cannot live without. It governs almost every aspect of our lives and has the power to liberate as well as enslave. With the world's total financial assets -- valued at a staggering $300 trillion -- being four times larger than the combined output of all the world's economies, there is, apparently, plenty to go around. Yet, while proponents of finance-driven capitalism point to the trickle-down effect as its contribution to wealth redistribution, there are still nearly a billion peole across the globe existing on less than $2 a day; 14 percent of Americans are living below the official poverty line; and disparities in wealth equality everywhere have reached unprecedented levels. Evidently a trickle is not enough. How can this be when so much wealth abounds, and when finance is supposedly chastened and reformed after its latest global crisis? How, especially, can it be in an age when human rights are more loudly proclaimed than ever before? Can the financial sector be made to shoulder more of the burden of spreading wealth, reducing poverty, and protecting rights? And if so, what role can human rights play in making it happen? In answering these questions, David Kinley draws on a vast array of material from bankers, economists, lawyers, and politicians, as well as human rights activists, philosphers, historians, and anthropologists, alongside his own experiences working the the field. Necessary Evil shows how finance can shed its conceit, return to its role as the economy's servant not its master, and regain the public trust and credibility it has so spectacularly lost over the past decade -- all by helping human rights, not harming them." -- Publisher's description.
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Summary

Summary

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 fuelof 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 facets - from 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 humanrights 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 outof 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 society's master rather than its servant, and how, as a consequence, humanrights concerns are so often ignored, sidelined or crushed. Using episodes of financial malfeasance from around the globe - 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 againfail 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 world's 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 justproviding for the comfort of a few.


Author Notes

David Kinley is Professor and Chair in Human Rights Law at the University of Sydney, and an Academic Expert member of Doughty Street Chambers in London. He is a former Fulbright Senior Scholar at American University Washington College of Law, and has taught at Oxford and George Washington Universities as well as the Sorbonne. He is a co-author of The International Covenant on Economic, Social, and Cultural Rights (winner of an American Society of International Law Best Book Award) and author of Civilizing Globalization: Human Rights and the Global Economy. Born in Ireland and somewhat educated in England, he now lives in Australia.


Table of Contents

Prefacep. xi
Introductionp. 1
Taming the Money Monsterp. 2
The Argumentp. 4
The Journeyp. 6
The Finance/Human Rights Relationshipp. 7
Stages in the Relationshipp. 8
1 Strange Bedfellowsp. 11
Hubrisp. 11
Finance as a Utilityp. 12
Financial Ownershipp. 14
Financial Weapons of Mass Destructionp. 16
Transformative Powersp. 19
Interdependencyp. 21
The Poverty Prismp. 23
The Public Problem of Private Povertyp. 27
Incentives and Exceptionalismp. 30
Anthropology on Wall Streetp. 32
The Missionp. 33
2 Living Togetherp. 35
Ends And Meansp. 35
Money As An Instrumentp. 37
A Common Liberal Heritagep. 39
Human Rights Globalizationp. 40
Paying for Rightsp. 41
Finding Rightsp. 43
Human Rights and the Global Economyp. 44
Rights Politicsp. 45
Complicated Confederacyp. 48
Speaking Different Languagesp. 50
Missed Opportunitiesp. 52
Human Needs and Human Rightsp. 54
Rights Differencesp. 56
Rights Impactsp. 57
3 Flirting with Riskp. 59
The Attractionp. 59
From Boring Banking to Fantasy Financep. 60
The Majesty and Tragedy of Leveragep. 61
Human Rights Risksp. 64
Rich-World Austerityp. 66
Poor-World Impactsp. 69
Faithp. 71
Faith No Morep. 73
Greedp. 76
Greed In Financep. 77
When Risk Goes Badp. 79
Risky Lessonsp. 82
Friends with Benefitsp. 84
4 Private Mattersp. 85
What Money Can Buyp. 85
The Generation And Investment of Wealthp. 88
Incomep. 88
Remittances and Creditp. 90
Rent-Seekingp. 92
Capitalp. 94
Capital and Tyrannyp. 96
Capital Gainsp. 98
Responsible Capitalp. 99
The Business of Impactp. 101
Equity and Inequalityp. 103
Rewarding Capitalp. 104
Consequences of Unequal Wealthp. 106
Wealth and Givingp. 107
The Giversp. 108
The Receiversp. 110
Mixed Motivationsp. 111
How much is Enough?p. 114
The Private/Public Connectionp. 114
5 Public Affairsp. 117
Dutyp. 117
The Voice of Human Rightsp. 118
Public Funding of Human Rightsp. 119
Taxation, Representation, and Rightsp. 123
The Consequences of Levying Tax-A Brief Historyp. 124
Of Ghosts and Icebergs-The Consequences of Lost Taxp. 126
Tax as a Force for Goodp. 130
Aid and Debtp. 133
Development and Human Rights: More Awkward Than Intimatep. 134
Partnering with the Private Sectorp. 138
Getting the Mix Rightp. 140
Does "New" Aid Work?p. 141
Scourgesp. 146
6 Cheatingp. 149
Consequencesp. 149
Deceit and Subversionp. 151
Illicit Financep. 153
Tax Evasionp. 156
Tax Freep. 156
Tax Sportp. 158
Misappropriationp. 160
Questions of Impunityp. 162
Regulatory Capturep. 165
Legal Smoke Screensp. 166
Denial In Financep. 169
Denial In Human Rightsp. 170
Wishful Thinkingp. 174
Measuring Progressp. 176
Repairp. 178
7 Counseling and Reconciliationp. 179
What Sort of Counsel?p. 179
The Long Shadow of Financial Exceptionalismp. 181
Attitudes and Culturep. 183
Empathyp. 185
Responsibilitiesp. 188
Esteemp. 190
Sleazep. 191
Capacity for Changep. 193
Regulatory Intervention and Riskp. 194
Identification of Riskp. 195
Allocation of Riskp. 196
Risk and The Rule of Lawp. 198
Alternativesp. 199
Reaching Across the Dividep. 200
Till Death Us Do Partp. 203
Notesp. 205
Indexp. 261