Book
Carney, M. (2021). Value(s) : building a better world for all (First US edition). Public Affairs.
Description
A bold and urgent argument by the Prime Minister of Canada and former bank governor on the radical, foundational change that is required if we are to build an economy and society based not on market values but on human values. Our world is full of fault lines—growing inequality in income and opportunity; systemic racism; health and economic crises from a global pandemic; mistrust of experts; the existential threat of climate change; deep threats to employment in a digital economy with robotics on the rise. Mark Carney argues that these fundamental problems and others like them stem from a common crisis in values.
Drawing on the turmoil of the past decade, he shows how “market economies” have evolved into “market societies” where price determines the value of everything. When we think about what we, as individuals, value most highly, we might list fairness, health, the protection of our rights, economic security from poverty, the preservation of natural diversity, resources, and beauty. The tragedy is, these things that we hold dearest are too often the casualties of our twenty-first century world, where they ought to be our bedrock. In this profoundly important book, Mark Carney offers a vision of a more humane society and a practical manifesto for getting there. How we reform our infrastructure to make things better and fairer is at the heart of every chapter, with outlines of wholly new ideas that can restructure society and enshrine our human values at the core of all that we build for our children and grandchildren.
( Penguin Random House Canada | Values: Building a Better World for All)
Parts, chapters and sections
Preface: Value(s) into Action p. ix
- Humanity distilled p. 1
- Restoring humanity in a society that values what matters p. 11
Part i – The rise of the market society p. 13
- A brief history of value p. 17
- Early objective theories of value p. 18
- The classicists p. 25
- The international gold standard: a commitment without consent p. 63
- Lessons from the gold standard for the values behind money p. 69
- The gold standard felled by values p. 67
- The role of money p. 51
- What backs money? The gold standard p. 59
- The economic and political context of Magna Carta p. 73
- Magna Carta’s enduring significance p. 74
- Magna Carta’s general principles and its specific injunctions p. 76
- The new UK framework for the Bank of England p. 83
- The foundations of money p. 87
- Towards a constitutional order for modern money p. 77
The nature of money always evolves p. 91
The grounding of private monetary innovations p. 93
Evaluating the three current options p. 97
Cryptocurrencies and the roles of money p. 98
Stablecoins p. 100
CBDC (Central Bank Digital Currency) p. 101
Social interaction as credit p. 104
- A social contract for inclusive growth p. 108
- The economic contract p. 111
- The shifting balance between states and markets p. 115
- The social contract is breaking down p. 119
- Why it matters: Undermining the functioning of the market p. 120
- Why it matters: Commodification erodes values p. 123
- The rise of the market society and the decline of value(s) p. 127
Part ii – Three crises of value(s) p. 131
- When something doesn’t make sense… p. 136
- From caution to crisis p. 137
- What are banks really for? p. 139
- Banks and markets become locked in a fatal embrace p. 141
- From simple to stupid: ABCP stops making sense p. 144
- Things fall apart p. 148
- The proximate causes of the global financial crisis p. 150
- Lesson in crisis management p. 153
- Building a new system from the ruins of the old p. 158
- The FSB and radical financial reform p. 165
- The three lies of finance p. 166
- Addressing the consequences of ‘Markets that don’t always clear’ p. 173
- Addressing ‘this time is different’ p. 176
- Restoring morality to markets p. 178
- The duty of the state p. 188
- The capacity of the state p. 190
- Pandemic preparedness as state protection p. 191
- Values revealed: Resilience and preparedness p. 194
- Cost-benefit analysis as a framework for hard choices p. 196
- A return to the perils of relying on subjective value p. 201
- Conclusion p. 204
- What the response to the outbreak revealed p. 206
- Values revealed: legitimacy and reciprocity p. 208
- Values revealed: solidarity p. 211
- Values revealed: Fairness in an unequal society p. 212
- A framework for the common good under COVID p. 216
- Value(s) will change p. 224
- Chapter 11 The Climate Crisis p. 228
- Causes: Emissions p. 220
- The consequences of climate change p. 240
- Causes: Incentives p. 251
- Current financial sector pricing of the transition p. 259
- Conclusion p. 262
- Causes: Emissions p. 220
- The consequences of climate change p. 240
- Causes: Incentives p. 251
- Current financial sector pricing of the transition p. 259
- Conclusion p. 262
- Engineering technology: Driving scale and innovation p. 265
- Political technology: setting the right goals p. 272
- Financial technology to ensure that every financial decision takes climate change into account p. 279
- Reporting p. 281
- Risk management p. 284
- Returns p. 287
- Cross-border financial flows and global climate equity p. 290
- The interaction between policy and climate action p. 293
Part iii – Reclaiming our values p. 301
- Leadership models p. 303
- Leadership and the crisis of trust p. 310
- What leaders do p. 319
- The attributes of values-based leadership p. 325
- Values-based leadership in a disruptive age p. 336
- Purpose is revealed and reinforced during times of disruption p. 341
- The firm as a series of contracts versus purpose-driven companies at the heart of an ecosystem p. 346
- Doing well by doing good: Evidence on performance and investing for purpose p. 358
- Conclusion: Building dynamic purpose p. 361
- The rise and rise of ESG (Environmental, Social and Governance) p. 363
- How ESG can guide stakeholder value creation p. 366
- Performance p. 369
- Fiduciary duty p. 371
- Information and disclosure p. 377
- Ratings-based approaches p. 382
- Fundamental sustainable value p. 384
- Impact, monetisation and value p. 386
- Securing climate impact: the transition to net zero as a major new asset class p. 390
- The social purpose of investing p. 393
- The promise and challenge of the fourth industrial revolution p. 400
- The macroeconomic challenges of COVID p. 405
- Institutions and markets: the foundations of opportunity for all p. 412
- Reclaiming the values to create value for all p. 414
- Solidarity p. 415
- Fairness and responsibility p. 420
- Resilience p. 424
- How to build resilience p. 428
- Sustainability p. 430
- Climate policy is the third pillar of macro policy p. 433
- Dynamism p. 441
- Values-based globalisation p. 447
- Reset p. 457
- Humility p. 458
- Uncertainty p. 458
- Responsibility p. 461
- Renewal p. 462
About the Author
Mark Carney is Prime Minister of Canada. He was previously Governor of the Bank of England and Governor of the Bank of Canada. He and his wife, Diana, live in Ottawa and have four children. (Penguin Random House Canada | Mark Carney)
Where to find
The South Australian public library network holds multiple copies. Although not within Alexandrina libraries, it is available as an inter-library loan: See Value(s): Building a better world for All.
Where to buy
Value(s) is available through the publishing house, local bookstores, and online resellers.
Additional information
Canada’s Mark Carney calls for middle powers to unite amid ‘rupture’ in world order
This 17 minute video contains the speech Prime Minister Mark Carney made to the Davos Economic Forum. He urges middle powers to consider the need to form alliances to protect against overreliance on hegemonic powers was well received and a timely comment about the politics of agression in the last two years.
Carney addresses Australian parliament
This 26 minute video contains the speech Prime Minister Mark Carney made to the Australian Parliament in March 2026.
References
- ABC News (Australia) 2026, Canada’s Mark Carney calls for middle powers to unite amid ‘rupture’ in world order, viewed on 6 March, 2026, https://youtu.be/_RjXKC0Xla8?si=o5ppX-qEXNnMSkLS. This 17 minute video contains the speech Prime Minister Mark Carney made to the Davos Economic Forum.
- CBC News 2026, Carney addresses Australian parliament, viewed on 6 March, 2026, https://www.youtube.com/watch?v=ZZ8qrM6bIck. This 26 minute video contains the speech Prime Minister Mark Carney made to the Australian Parliament.
- Penguin Random House Canada 2021, Mark Carney, viewed on 6 March, 2026, https://www.penguinrandomhouse.ca/authors/2241284/mark-carney. This page provides a biography of Mark Carney as well as a photo of the author.
- WorldCat 2026, Value(s) : building a better world for all, viewed on 6 March, 2026, https://search.worldcat.org/title/1164493264. This WorldCat search yields information about Values, by Mark Carney.