Finance in an Age of Austerity

Finance in an Age of Austerity

The Power of Customer-owned Banks

Johnston Birchall

This is a book in search of an alternative to the discredited investor-owned banks that have brought the rich countries into crisis and the world economy into a long period of austerity. It finds customer-owned banks – credit unions, co-operative banks, building societies – have hardly been affected by the crisis and continue to operate according to their organisational DNA: low-risk, close to the customer, underpinned by real savings, and still lending to SMEs to protect jobs and local economies. They are big business – in some countries with over 40% of the market – but networked in smaller, democratic societies whose origins go back to 1850s Germany.

Appendix – a note on terminology

Johnston Birchall

Subjects: business and management, corporate governance, social entrepreneurship, development studies, social entrepreneurship, economics and finance, corporate governance, money and banking, politics and public policy, social entrepreneurship

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