Finance and Capital Flows
I wrote the preceding paragraph in early 2007 before the financial crisis of 2008 (McManners 2008: 171-2). I was not to know how prophetic my words would be. The context of the paragraph was part of my analysis of the role of capital markets in a sustainable society. My general conclusion was that ‘capital markets … have developed to suit a narrow economic focus … [and] … the relentless drive to deliver short-term results is not conducive to building a sustainable future’. I made a number of proposals for improvement.