2 August, 2012/
Professor Michael Mainelli is a Friend of Xoomworks (FoX). He’s one of a group of highly talented individuals who share our professional values, especially in terms of ethics, professionalism, engagement and community. Michael has kindly agreed to be the first FOX to write for our blog and challenge our ways of thinking about such subjects as finance and procurement.
As one of the Friends of Xoomworks (FOXes) I’m delighted to provide a short piece connecting my firm’s interests with those of Xoomworks.
Z/Yen is the City of London’s leading commercial think-tank founded in order to promote societal advance through better finance and technology. We are especially interested in numerous areas where Xoomworks operates, especially procurement and business intelligence.
I’ve been asked to comment on my current passion, Long Finance. Long Finance began in 2005 when we at Z/Yen began to ask, “when would we know our financial system is working?” This deceptively simple question leads to strange answers, such as when we can fund a forest without subsidies or when we can recommend a retirement structure to a 20 year old. Long Finance seeks 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. The Long Finance initiative offers an innovative approach to long-term financial thinking whose objectives are to:
To date we’ve built up an impressive group of 10,000 followers and some 700 core supporters. Despite being “evolutionary not revolutionary”, our strongly recommended areas for discussion include index linked carbon and forestry bonds, confidence accounting (introducing ranges and measurement science to accounting), pensions indemnity assurance and expanding the Swiss WIR model into other countries. I would encourage other FOX folk to join Long Finance – www.longfinance.net – and get involved.