22 June 2017
Have We Fixed Our Financial System Yet?
Background:Long Finance is a Z/Yen initiative to explore the question “When would we know our financial system is working?”, in conjunction with the City of London Corporation and Gresham College. Begun in 2005, Long Finance’s goal is to improve society’s understanding and use of finance over the long-term. In contrast to the short-termism that defines today’s economic views the Long Finance time-frame is roughly 100 years. Long Finance’s core objectives are to:
- expand frontiers - develop methodologies to solve financial problems;
- change systems - provide evidence-based examples of how financing methods work and don’t work;
- deliver services - including conferences and training using collaborative tools;
- build communities - through meetings, networking and events.
Michael will share with us candidly how Long Finance is going, what the future might hold, and tackle our question for the evening: “Have we fixed our financial system yet?”
Alderman Professor Michael Mainelli FCCA FCSI FBCS - a qualified accountant, securities professional, computer specialist, and management consultant, educated at Harvard University and Trinity College Dublin, Michael gained his PhD at the London School of Economics where he was also a Visiting Professor. He began his career as a research scientist in aerospace & cartography. His biggest technical claim to fame might be the first commercial digital map of the world. He entered the City of London in 1984 ahead of Big Bang, becoming an accountancy-firm partner and later a director of Ministry of Defence research. During a spell in merchant banking, he co-founded Z/Yen in 1994, the City of London’s leading think-tank, to promote societal advance through better finance and technology. He has led Z/Yen from creating mutual distributed ledgers (aka blockchains) in 1995 through Taskforce 2000, Long Finance, the Global Financial Centres Index, and the Global Intellectual Property Index. Over the years his clients have included virtually all major investment banks, as well as many exchanges, insurers, fund managers, regulators, and financial information providers. He is Alderman of the City of London for Broad Street, Emeritus Professor & Trustee at Gresham College, Fellow of Goodenough College, non-executive director of two listed firms and a regulator, trustee of several charities, and Senior Warden of the Worshipful Company of World Traders. He has written numerous academic papers and his third book, The Price of Fish: A New Approach to Wicked Economics and Better Decisions, won the 2012 Independent Publisher Book Awards Finance, Investment & Economics Gold Prize.