Financial Inclusion Quotes

The Industrial Revolution started and made its biggest strides in England because of her uniquely inclusive economic institutions. These in turn were built on foundations laid by the inclusive political institutions brought about by the Glorious Revolution. It was the Glorious Revolution that strengthened and rationalized property rights, improved financial markets, undermined state-sanctioned monopolies in foreign trade, and removed the barriers to the expansion of industry. It was the Glorious Revolution that made the political system open and responsive to the economic needs and aspirations of society. These inclusive economic institutions gave men of talent and vision such as James Watt the opportunity and incentive to develop their skills and ideas and influence the system in ways that benefited them and the nation. Naturally these men, once they had become successful, had the same urges as any other person. They wanted to block others from entering their businesses and competing against them and feared the process of creative destruction that might put them out of business, as they had previously bankrupted others.

The Proofs Human society has devised a system of proofs or tests that people must pass before they can participate in many aspects of commercial exchange and social interaction. Until they can prove that they are who they say they are, and until that identity is tied to a record of on-time payments, property ownership, and other forms of trustworthy behavior, they are often excluded—from getting bank accounts, from accessing credit, from being able to vote, from anything other than prepaid telephone or electricity. It’s why one of the biggest opportunities for this technology to address the problem of global financial inclusion is that it might help people come up with these proofs. In a nutshell, the goal can be defined as proving who I am, what I do, and what I own. Companies and institutions habitually ask questions—about identity, about reputation, and about assets—before engaging with someone as an employee or business partner. A business that’s unable to develop a reliable picture of a person’s identity, reputation, and assets faces uncertainty. Would you hire or loan money to a person about whom you knew nothing? It is riskier to deal with such people, which in turn means they must pay marked-up prices to access all sorts of financial services. They pay higher rates on a loan or are forced by a pawnshop to accept a steep discount on their pawned belongings in return for credit. Unable to get bank accounts or credit cards, they cash checks at a steep discount from the face value, pay high fees on money orders, and pay cash for everything while the rest of us enjoy twenty-five days interest free on our credit cards. It’s expensive to be poor, which means it’s a self-perpetuating state of being. Sometimes the service providers’ caution is dictated by regulation or compliance rules more than the unwillingness of the banker or trader to enter a deal—in the United States and other developed countries, banks are required to hold more capital against loans deemed to be of poor quality, for example. But many other times the driving factor is just fear of the unknown. Either way, anything that adds transparency to the multi-faceted picture of people’s lives should help institutions lower the cost of financing and insuring them.

One road out of the T junction ahead involves a restoration of high-inclusive growth that creates jobs, reduces the risk of financial instability, and counters excessive inequality. It is a path that also lowers political tensions, eases governance dysfunction, and holds the hope of defusing some of the world’s geopolitical threats. The other road is the one of even lower growth, persistently high unemployment, and still worsening inequality. It is a road that involves renewed global financial instability, fuels political extremism, and erodes social cohesion as well as integrity.

These examinations and certificates and so on--what did they matter? And all this efficiency and up-to-dateness--what did that matter, either? Ralston was trying to run Brookfield like a factory--a factory for turning out a snob culture based on money and machines. The old gentlemanly traditions of family and broad acres were changing, as doubtless they were bound to; but instead of widening them to form a genuine inclusive democracy of duke and dustman, Ralston was narrowing them upon the single issue of a fat banking account. There never had been so many rich men's sons at Brookfield. The Speech Day Garden Party was like Ascot. Ralston met these wealthy fellows in London clubs and persuaded them that Brookfield was the coming school, and, since they couldn't buy their way into Eton or Harrow, they greedily swallowed the bait. Awful fellows, some of them--though others were decent enough. Financiers, company promoters, pill manufacturers. One of them gave his son five pounds a week pocket money. Vulgar . . . ostentatious . . . all the hectic rotten-ripeness of the age. . . . And once Chips had got into trouble because of some joke he had made about the name and ancestry of a boy named Isaacstein. The boy wrote home about it, and Isaacstein père sent an angry letter to Ralston. Touchy, no sense of humor, no sense of proportion--that was the matter with them, these new fellows. . . . No sense of proportion. And it was a sense of proportion, above all things, that Brookfield ought to teach--not so much Latin or Greek or Chemistry or Mechanics. And you couldn't expect to test that sense of proportion by setting papers and granting certificates...

If government had declined to build racially separate public housing in cities where segregation hadn’t previously taken root, and instead had scattered integrated developments throughout the community, those cities might have developed in a less racially toxic fashion, with fewer desperate ghettos and more diverse suburbs. If the federal government had not urged suburbs to adopt exclusionary zoning laws, white flight would have been minimized because there would have been fewer racially exclusive suburbs to which frightened homeowners could flee. If the government had told developers that they could have FHA guarantees only if the homes they built were open to all, integrated working-class suburbs would likely have matured with both African Americans and whites sharing the benefits. If state courts had not blessed private discrimination by ordering the eviction of African American homeowners in neighborhoods where association rules and restrictive covenants barred their residence, middle-class African Americans would have been able gradually to integrate previously white communities as they developed the financial means to do so. If churches, universities, and hospitals had faced loss of tax-exempt status for their promotion of restrictive covenants, they most likely would have refrained from such activity. If police had arrested, rather than encouraged, leaders of mob violence when African Americans moved into previously white neighborhoods, racial transitions would have been smoother. If state real estate commissions had denied licenses to brokers who claimed an “ethical” obligation to impose segregation, those brokers might have guided the evolution of interracial neighborhoods. If school boards had not placed schools and drawn attendance boundaries to ensure the separation of black and white pupils, families might not have had to relocate to have access to education for their children. If federal and state highway planners had not used urban interstates to demolish African American neighborhoods and force their residents deeper into urban ghettos, black impoverishment would have lessened, and some displaced families might have accumulated the resources to improve their housing and its location. If government had given African Americans the same labor-market rights that other citizens enjoyed, African American working-class families would not have been trapped in lower-income minority communities, from lack of funds to live elsewhere. If the federal government had not exploited the racial boundaries it had created in metropolitan areas, by spending billions on tax breaks for single-family suburban homeowners, while failing to spend adequate funds on transportation networks that could bring African Americans to job opportunities, the inequality on which segregation feeds would have diminished. If federal programs were not, even to this day, reinforcing racial isolation by disproportionately directing low-income African Americans who receive housing assistance into the segregated neighborhoods that government had previously established, we might see many more inclusive communities. Undoing the effects of de jure segregation will be incomparably difficult. To make a start, we will first have to contemplate what we have collectively done and, on behalf of our government, accept responsibility.

In their ongoing war against evil capitalists, some vengeful Democrats have their eyes on banks, which they blame for making millions of loans that resulted in foreclosures and the 2008 financial crisis. Never mind that it was progressives who forced the government to make these loans to low-income borrowers with poor credit ratings through the Community Reinvestment Act and anti-discrimination laws. They promoted minority home ownership without regard to the owners’ ability to repay, and the result was catastrophic. But being a leftist means never having to say you’re sorry—just pass a misguided policy and blame everyone else when it predictably fails. Democratic Rep. Maxine Waters, emboldened by Democrats recapturing control of the House, issued a stern warning to bankers before the 2019 session began. “I have not forgotten” that “you foreclosed on our houses,” she said, and “had us sign on the line for junk and for mess that we could not afford. I’m going to do to you what you did to us.”62 How’s that for good governance—using her newfound power as incoming chairwoman of the House Financial Services Committee to punish bank executives for the disaster she and her fellow Democrats caused? Waters is also targeting corporations for allegedly excluding minorities and women from executive positions. Forming a new subcommittee on diversity and inclusion, she immediately held a hearing to discuss the importance of examining the systematic exclusion of women, people of color, persons with disabilities, gays, veterans, and other disadvantaged groups.63 Why concentrate on policies to stimulate economic growth and improve people’s standards of living when you can employ identity politics to demonize your opponents?

Bitcoin is not a currency. Bitcoin is the internet of money. As a technology, it can bring economic inclusion and empowerment to billions of people in the world. I’ll give you one example of a specific application that is going to fundamentally change the lives of more than a billion people in the next five to ten years. ​ Every day, an immigrant somewhere cashes their paycheck and stands in line to wire 50 percent of that paycheck back to their home country to feed their extended family. Here in the US, 60 million people have no bank accounts, yet they cash their paychecks and send them abroad. Overall in the world, $550 billion is transmitted every year as remittances from first-world countries. Much of that money is sent to five major destinations: Mexico, India, the Philippines, Indonesia, and China. In some of these places, remittances represent up to 40 percent of the local economy. Sitting on top of that flow of $550 billion are companies like Western Union, and they take, on average, a cut of 9 percent of every single one of these transactions out of the pockets of the poorest people of the world. Imagine what happens when one day one of these immigrants figures out they can do the same thing with bitcoin — not for 15 percent, not 10 percent, not 5 percent, but for 5 cents. Not a percentage; a flat fee. What happens when they can do that? They can, right now. There is a startup company that is handling remittances between the US and the Philippines. They’re doing a few million dollars right now, but they’re going to start growing. There’s $500 billion sitting behind that dam. When you’re an immigrant and you can change your financial future by not paying 9 percent to send money home, imagine what happens if every month, instead of sending 91 dollars home, you send 100 dollars home. That makes a difference. There are a billion people, right now, with access to the internet and feature phones who could use bitcoin as an international wire-transfer service.

While David runs the financial end of the Rockefeller dynasty, Nelson runs the political. Nelson would like to be President of the United States. But, unfortunately for him, he is unacceptable to the vast majority of the grass roots of his own party. The next best thing to being President is controlling a President. Nelson Rockefeller and Richard Nixon are supposed to be bitter political competitors. In a sense they are, but that still does not preclude Rockefeller from asserting dominion over Mr. Nixon. When Mr. Nixon and Mr. Rockefeller competed for the Republican nomination in 1968, Rockefeller naturally would have preferred to win the prize, but regardless of who won, he would control the highest office in the land. You will recall that right in the middle of drawing up the Republican platform in 1960, Mr. Nixon suddenly left Chicago and flew to New York to meet with Nelson Rockefeller in what Barry Goldwater described as the "Munich of the Republican Party." There was no political reason why Mr. Nixon needed to crawl to Mr. Rockefeller. He had the convention all sewed up. The Chicago Tribune cracked that it was like Grant surrendering to Lee. In The Making of the President, 1960, Theodore White noted that Nixon accepted all the Rockefeller terms for this meeting, including provisions "that Nixon telephone Rockefeller personally with his request for a meeting; that they meet at the Rockefeller apartment…that their meeting be secret and later be announced in a press release from the Governor, not Nixon; that the meeting be clearly announced as taking place at the Vice President's request; that the statement of policy issuing from it be long, detailed, inclusive, not a summary communiqué." The meeting produced the infamous "Compact of Fifth Avenue" in which the Republican Platform was scrapped and replaced by Rockefeller's socialist plans. The Wall Street Journal of July 25, 1960, commented: "…a little band of conservatives within the party…are shoved to the sidelines… [T]he fourteen points are very liberal indeed; they comprise a platform akin in many ways to the Democratic platform and they are a far cry from the things that conservative men think the Republican Party ought to stand for…" As Theodore White put it: "Never had the quadrennial liberal swoop of the regulars been more nakedly dramatized than by the open compact of Fifth Avenue. Whatever honor they might have been able to carry from their services on the platform committee had been wiped out. A single night's meeting of the two men in a millionaire's triplex apartment in Babylon-by-the-Hudson, eight hundred and thirty miles away, was about to overrule them; they were exposed as clowns for all the world to see." The whole story behind what happened in Rockefeller's apartment will doubtless never be known. We can only make an educated guess in light of subsequent events. But it is obvious that since that time Mr. Nixon has been in the Rockefeller orbit.

This book is a compilation of interesting ideas that have strongly influenced my thoughts and I want to share them in a compressed form. That ideas can change your worldview and bring inspiration and the excitement of discovering something new. The emphasis is not on the technology because it is constantly changing. It is much more difficult to change the accompanying circumstances that affect the way technological solutions are realized. The chef did not invent salt, pepper and other spices. He just chooses good ingredients and uses them skilfully, so others can enjoy his art. If I’ve been successful, the book creates a new perspective for which the selection of ingredients is important, as well as the way they are smoothly and efficiently arranged together. In the first part of the book, we follow the natural flow needed to create the stimulating environment necessary for the survival of a modern company. It begins with challenges that corporations are facing, changes they are, more or less successfully, trying to make, and the culture they are trying to establish. After that, we discuss how to be creative, as well as what to look for in the innovation process. The book continues with a chapter that talks about importance of inclusion and purpose. This idea of inclusion – across ages, genders, geographies, cultures, sexual orientation, and all the other areas in which new ways of thinking can manifest – is essential for solving new problems as well as integral in finding new solutions to old problems. Purpose motivates people for reaching their full potential. This is The second and third parts of the book describes the areas that are important to support what is expressed in the first part. A flexible organization is based on IT alignment with business strategy. As a result of acceleration in the rate of innovation and technological changes, markets evolve rapidly, products’ life cycles get shorter and innovation becomes the main source of competitive advantage. Business Process Management (BPM) goes from task-based automation, to process-based automation, so automating a number of tasks in a process, and then to functional automation across multiple processes andeven moves towards automation at the business ecosystem level. Analytics brought us information and insight; AI turns that insight into superhuman knowledge and real-time action, unleashing new business models, new ways to build, dream, and experience the world, and new geniuses to advance humanity faster than ever before. Companies and industries are transforming our everyday experiences and the services we depend upon, from self-driving cars, to healthcare, to personal assistants. It is a central tenet for the disruptive changes of the 4th Industrial Revolution; a revolution that will likely challenge our ideas about what it means to be a human and just might be more transformative than any other industrial revolution we have seen yet. Another important disruptor is the blockchain - a distributed decentralized digital ledger of transactions with the promise of liberating information and making the economy more democratic. You no longer need to trust anyone but an algorithm. It brings reliability, transparency, and security to all manner of data exchanges: financial transactions, contractual and legal agreements, changes of ownership, and certifications. A quantum computer can simulate efficiently any physical process that occurs in Nature. Potential (long-term) applications include pharmaceuticals, solar power collection, efficient power transmission, catalysts for nitrogen fixation, carbon capture, etc. Perhaps we can build quantum algorithms for improving computational tasks within artificial intelligence, including sub-fields like machine learning. Perhaps a quantum deep learning network can be trained more efficiently, e.g. using a smaller training set. This is still in conceptual research domain.

Tome cuidado antes de presumir que a totalidade de um resultado pode ser atribuída ao esforço e ás decisões. Nunca se esqueça de que nem todo sucesso se deve ao trabalho duro, e nem toda pobreza se deve à preguiça. Tenha isso em mente antes de julgar as pessoas, inclusive você mesmo.

THE VARIOUS GAINS OF FLIGHT DELAY DAMAGES Travelling byair is one of the handiest means to get from one point to another. It's quick, safe, and hassle-free. Obviously, hassle-free is a subjective term as some folks find all the safety precautions cumbersome. Since there are much fewer plane accidents when compared with automobile accidents however, it's a good deal better mathematically talking. Naturally, travel issues are not merely limited to injuries and crashes; occasionally, the ones that are most problematic are the small things that eventually become larger. Having the flight postponed for 5 - 10 minutes does not seem much to most folks. However, for people who will be catching a connecting flight after, this really is an extremely large difficulty. They need to run across the next airport simply to make it in time or they will need to get it rescheduled and watch for the next available flight. Either way, it's a very big hassle and it all came from a 5 minute delay. What You Can Get That is why you should be aware of the many benefits that you can get. Flight delay compensation isn't a simple thing that airlines give just to keep customers satisfied; the law requires to give damages for faulty service as mandated them. Different areas have different laws regarding this but it usually means that if your flight got delayed, the airline must help you during that time. If, for example, you may end up late to your connecting flight, then you can certainly ask aid from the airline to assist you look for an accessible connecting flight, have it reserved, and even request financial compensation as you need to wait for the brand new boarding time if it's a few hours more. Typically, you can demand help for the amount of money you are going to be spending simply because your flight was delayed. This can happen whether the flight was delayed for a very long time due to technical issues. That those can get somewhere to sleep in, some airports will open up the VIP lounge. Also, they are going to be given free food and drinks especially if they must stay for more than one night. Inclusions and Exceptions Flight delay settlement is all about getting compensated for hassle and all the trouble that an undue delay has brought on. Delays caused by neglect or some other reason which was a result of the airline can be deemed as such. This implies that if they couldn't have prevented the issue no matter what, you won't be able to seek damages. For example, if the weather suddenly took a turn for the worse and the whole airport was locked down and no airplanes are permitted to fly, then this is a problem that they couldn't avert. It would not be safe to fly with such conditions and no one can do anything about it. Naturally, you can still seek assistance but remember that they have no obligation to do so and you've got no right to demand money as reimbursement for the delay. In the end, the biggest difference between force of nature accidents and those due to negligence is that you can ask for aid but they're just required to do so during the latter. They have to give money for the hassle to you as well if it was their fault.

However, as commercialization of microfinance deepens, the proportion of female clientele of microfinance institutions will decline steadily.

This book argues that through inclusive finance, companies can make money and help solve the global problem of poverty. By inclusive finance we mean opening access to high-quality financial services to everyone who needs them, especially low-income and previously excluded people. We also discuss how

Material adverse effect" is a standard that is often employed in the softening of contract provisions. It is often used in more than one provision in a contract, and as a result may be separately defined: "Material adverse effect" means any material adverse effect on the Borrower’s business, assets, liabilities, prospects or condition (financial or otherwise). In order to fall within the ambit of this definition, the matter in question must be both material and adverse to the party. Materiality is a subjective concept; a change that would be reasonably likely to affect the other party’s evaluation of the transaction will generally be viewed as material. The change must also be adverse. Obviously, if it’s a change for the better, it isn’t covered. The definition refers to the areas where the material adverse effect has occurred: the party’s business, assets, liabilities, financial condition and prospects. Let’s look at examples of each of these. The loss of a customer that represented 40% of the borrower’s earnings would have a material adverse effect on its business. An uninsured casualty loss in respect of the borrower’s primary manufacturing plant would have a material adverse effect on its assets. The entering of a judgment against the borrower for damages in an amount equal to its total annual sales would have a material adverse effect on its liabilities. A loss of sales resulting in a diminution in cash flow that impairs the borrower’s ability to pay its operating expenses would have a material adverse effect on its financial condition. Lastly, the development of proprietary technology by a competitor that allows it to produce goods at a more favorable price may have a material adverse effect on the borrower’s prospects, because it may be forced to reduce its profit margins. Inclusion of the word "prospects" as a component of the definition of material adverse effect is almost always a point of contention. The party to whom the material adverse effect standard is applicable will argue that the use of prospects gives the other party too much room to speculate about the future impact of an event. The other party will argue that its counterparty’s future condition and performance is important to it, and the party should not be required to wait until a reasonably foreseeable bad result has occurred before having any remedies. Closely related to material adverse effect is material adverse change, referred to colloquially as "MAC.

L’émancipation simple d’un acteur économique, de sa communauté voire de sa civilisation passe par des actions sociales et une éducation personnelle pour conserver le patrimoine et l’identité culturelle. Plusieurs promoteurs de projets sont volontaires pour réinvestir les fruits de leur succès dans l’affirmation et l’affranchissement financier de certaines zones économiques quel que soit la taille et la limite géographique. Combattre l’insuffisance de revenu est une affaire d’effort consenti à titre individuel et de groupe.

And here is the crux: hospitals agreed to follow, and in return demanded financial compensation—they negotiated with the leader about their terms. This is a naive approach to followership. The IT firms, on the other hand, played a smarter game. They not only negotiated with the leader for the financial assistance that would help their sales; they also negotiated for the inclusion of meaningful use—an imposition not on the leader, but on the behavior of other followers. They shaped the long term-governance of the ecosystem when the rules were still malleable. Smart.

Some have called for “degrowth”, a movement that embraces zero or even negative GDP growth that is gaining some traction (at least in the richest countries). As the critique of economic growth moves to centre stage, consumerism’s financial and cultural dominance in public and private life will be overhauled.[42] This is made obvious in consumer-driven degrowth activism in some niche segments – like advocating for less meat or fewer flights. By triggering a period of enforced degrowth, the pandemic has spurred renewed interest in this movement that wants to reverse the pace of economic growth, leading more than 1,100 experts from around the world to release a manifesto in May 2020 putting forward a degrowth strategy to tackle the economic and human crisis caused by COVID-19.[43] Their open letter calls for the adoption of a democratically “planned yet adaptive, sustainable, and equitable downscaling of the economy, leading to a future where we can live better with less”. However, beware of the pursuit of degrowth proving as directionless as the pursuit of growth! The most forward-looking countries and their governments will instead prioritize a more inclusive and sustainable approach to managing and measuring their economies, one that also drives job growth, improvements in living standards and safeguards the planet. The technology to do more with less already exists.[44] There is no fundamental trade-off between economic, social and environmental factors if we adopt this more holistic and longer-term approach to defining progress and incentivizing investment in green and social frontier markets.

The all-inclusive school fee structure simplifies financial planning for parents by covering tuition, textbooks, extracurricular activities, and more under a single fee.

New CFO Whenever a new CFO joins a company, one critical step is evaluating the current reporting system. The reports should be able to inform you if you are meeting your targets or not. The reports should have a list of key performance indicators (KPI) that are being tracked. It is important to ensure that the KPIs are fully inclusive, in other words, there are no KPIs that are missing. The KPIs that do exist should be relevant and should be comprehensive. It is often the case that certain KPIs are missing and could sum up the situation better than other existing KPIs do. Hence, a review of KPIs are necessary from time to time. This review may not be required every quarter but there should be a review each year, at a minimum.

the new world will be one where bottom-up, network-designed companies and countries will trump the old top-down hierarchies that have dominated since the Industrial Revolution. My motto is: Every customer a market, every employee a business. There is no way to make America great again by returning to the rote assembly-line jobs of the past. In the not too distant future, we’ll enjoy decentralized and instant access to information technologies that allow a more egalitarian, democratic, inclusive, and productive economy and culture. Ironically, it’ll be the complete opposite of how this revolution started, with its nationalistic and racist policies aimed at protecting against the extremes of globalization

The Global Financial Crisis of 2007–08 represented the greatest financial downswing of my lifetime, and consequently it presents the best opportunity to observe, reflect and learn. The scene was set for its occurrence by a number of developments. Here’s a partial list: Government policies supported an expansion of home ownership—which by definition meant the inclusion of people who historically couldn’t afford to buy homes—at a time when home prices were soaring; The Fed pushed interest rates down, causing the demand for higher-yielding instruments such as structured/levered mortgage securities to increase; There was a rising trend among banks to make mortgage loans, package them and sell them onward (as opposed to retaining them); Decisions to lend, structure, assign credit ratings and invest were made on the basis of unquestioning extrapolation of low historic mortgage default rates; The above four points resulted in an increased eagerness to extend mortgage loans, with an accompanying decline in lending standards; Novel and untested mortgage backed securities were developed that promised high returns with low risk, something that has great appeal in non-skeptical times; Protective laws and regulations were relaxed, such as the Glass-Steagall Act (which prohibited the creation of financial conglomerates), the uptick rule (which prevented traders who had bet against stocks from forcing them down through non-stop short selling), and the rules that limited banks’ leverage, permitting it to nearly triple; Finally, the media ran articles stating that risk had been eliminated by the combination of: the adroit Fed, which could be counted on to inject stimulus whenever economic sluggishness developed, confidence that the excess liquidity flowing to China for its exports and to oil producers would never fail to be recycled back into our markets, buoying asset prices, and the new Wall Street innovations, which “sliced and diced” risk so finely, spread it so widely and placed it with those best suited to bear it.

As former Chairman of the Federal Reserve Alan Greenspan grudgingly acknowledged in his testimony to Congress, there had been a ‘flaw’ in the theory underpinning the Western world’s approach to financial regulation. The presumption that ‘the self-interest of organisations, specifically banks, is such that they were best capable of protecting shareholders and equity in the firms’ had proved incorrect.8 Contrary to the claims of the ‘efficient markets hypothesis’ which underpinned that assumption, financial markets had systematically mispriced assets and risks, with catastrophic results.

since most countries undertook financial liberalisation in the 1970s and 1980s, there has been a marked increase in the frequency of banking crises (see Figure 1).10 Globally, in the period 1970 to 2007, the International Monetary Fund has recorded 124 systemic bank crises, 208 currency crises and 63 sovereign debt crises.11 For modern capitalism instability has become, not the exception, but a seemingly structural feature.

the creation of expectations about future growth is a crucial role for government, and not just during downturns. It is why mission-oriented innovation policy—bringing Keynes and Schumpeter together—has such an important role to play in driving stronger economic performance. Indeed, Keynes argued that the ‘socialisation of investment’—which, as Mazzucato suggests, could include the public sector acting as investor and equity-holder—would provide more stability to the investment function and hence to growth.53 It is because public expenditure is critical to the co-production of the conditions for growth, as Kelton highlights, that the austerity policies which have reduced it in the period since the financial crash have proved so futile, increasing rather than diminishing the ratio of debt to GDP. And as Wray and Nersisyan emphasise, the endogenous nature of money created by ‘keystrokes’ in the banking system gives governments far greater scope to use fiscal policy in support of economic growth than the orthodox approach allows.

The removal of financial barriers of cost, fee, and price from events is very relevant to multicultural communities because it allows them full access to the teachings.

La Méthode Ka est une alternative informelle à la gestion de projets entrepreneuriaux par la structuration en unité administratives et économiques composites d’acquisition de revenu pour la fréquentation de la communauté. Ces unités sont appelées Ka. Elle a recours à une philosophie du réalisme vis-à-vis du Temps par le Lean dans l’intention, l’apprentissage informel de l’environnement financier et l’adaptation au marché* par l’Agilité dans la Stratégie. Le tout contribue à enrichir les résultats du management interculturel. *L’économie de communauté entretient des échanges avec l’économie de marché par la qualité (zone de modération)

The most significant impact of decentralized finance is the inclusiveness it brings to the people by providing global access to the financial services that were once only available to the wealthier population. This innovative technology powered by FinTech can be used by anyone who has an internet connection and a smartphone. For example, a stockbroker at a top financial firm in the US or a farmer in a remote region in Asia will have the same access to financial services. Barriers such as wealth to invest and proximity to functioning economies, and lack of documentation would diminish.

MicroEnsure said to the telcos, “Spend three percent of your call time revenues on insurance, and we will increase those revenues by ten percent.” It works. The telcos are going out into the market and saying, “Give us your business, and we’ll give you free insurance

To achieve scale, the company aligns itself with big players—willing partners who are trusted and who already have these systems in place. In Asia, they have a relationship with Telenor, the Norwegian-based company that has operations in five countries in Asia. In Africa, they have a relationship with Airtel, which is based in India and has operations in seventeen countries in Africa. MicroEnsure works with six or seven telcos, but these are the biggest.

It is difficult to evaluate their recommendations of individual securities. Each service is entitled to be judged separately, and the verdict could properly be based only on an elaborate and inclusive study covering many years. In our own experience we have noted among them a pervasive attitude which we think tends to impair what could otherwise be more useful advisory work. This is their general view that a stock should be bought if the near-term prospects of the business are favorable and should be sold if these are unfavorable—regardless of the current price. Such a superficial principle often prevents the services from doing the sound analytical job of which their staffs are capable—namely, to ascertain whether a given stock appears over- or undervalued at the current price in the light of its indicated long-term future earning power. The intelligent investor will not do his buying and selling solely on the basis of recommendations received from a financial service. Once this point is established, the role of the financial service then becomes the useful one of supplying information and offering suggestions.