unsplash — @Jonathan Kho®

Finance and CSR or the Quadrature of the Century

In a complex world, the sum of our knowledge is infinitely smaller than the sum of things we ignore. We are therefore not experts in anything, but simply observers and, if possible, actors of change.

What is CSR?

CSR or Corporate Social Responsibility. Impossible to miss it these last 5 years. All the large companies have a dedicated department, either autonomous or linked to the group’s communications.

Finaction! 🎥

No one will deny it, finance is by far the most important industry of this new millennium ($316.000 billion of financial assets in 2017). Far, very far even from the digital industry with son its market of “only” $4.261 billion. Today, the finance industry would represent 100x the size of the real global economy. This industry is at the root of the subprime crisis, a crisis that we have been going through for almost 12 years. This industry has no borders, nor even nationality. A network of actors, or rather of algorithms that nobody really controls anymore. Your Uber driver will make as reliable a market forecast as the most successful trader or the president of the FED himself. It is involved in all international, political, social, ecological and military crises, since each node of the network defends its interests, its yields and its underlying industries. Whoever holds the debt, holds the property of those who are in debt and the world is in debt. The beginning of this century has seen the emergence of an algorithmic financial industry that impacts the modern world like no other industry. So far everything is fine, so far everything is fine, so far everything is fine …

What about CSR?

Commitments, announcements, and also concrete actions. But mostly words, many words.

Greenwashing but not too much: Hands off my life insurance

Another example that perfectly illustrates the current limits of CSR is the position of insurers regarding life insurance. France is one of the leaders in the sector. The AXA group, for example ranks 2nd in the world with a 2018 turnover of €150 billion and €1,029 billion in assets. Insurers are at the forefront of the challenges of global warming and all companies around the world agree on the urgent need to act. In any case, the semantics used tend to make one think so.

The emergence of a new thought pattern

So is there a solution? Can we imagine a world where the finance industry bears a responsibility commensurate with its fair economic weight?

Ethical Payment Solutions - www.retreeb.io

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