corporate responsibility economics

Good news for ethical banking

Great article in the Guardian today saying that ethical banking is on the rise at the moment, as people have lost faith in the high street banks. The Co-operative, Brittannia, and smaller ethical companies like Triodos and the Ecology Building Society are all seeing a rise in interest.

So to are credit unions, and if the government creates its Post Office bank, we will have a very different financial landscape.

This is creating greater diversity in the banking sector, and this is much healthier – if one part fails, the system can absorb the shock. Just like farming, a monoculture raises the stakes to all or nothing.

“Perhaps, then” says the article, “we’re seeing the introduction of a bit of healthy monetary permaculture in the financial system.”

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