Financial Democracy and the New Financial Order

By Robert J. Shiller

Finance is a technology of great power. This power should serve the people, should be made available to everyone. The financial crisis that began in 2007 as the result of the twin bubbles in the stock market and the housing market shows that much more work needs to be done to democratize finance. The crisis occurred because the principles of financial risk management were not being applied to the widest possible population.

This site offers information relating to democratizing innovations in finance, innovations that are being made, likely will be made, or ought to be made in coming years and that have the potential to make important improvements in the economy and our lives. Fundamental innovations will help us to deal with major risks to our livelihoods, our homes, our cities, and our nations, at a time of rapid change in the world economy. This site is concerned not only with finance proper, but also with insurance, public finance, information technology related to finance, behavioral finance, economic theory, psychology and history.

  • Important web sites that relate to financial innovation.

  • Books and papers about achieving financial democracy.

  • References to articles and research papers that relate in one way or another to the process of financial democracy.

  • Overhead transparencies for a 1994 talk about the book Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks, Oxford University Press, 1993.

  • PowerPoint presentation for a 2003 talk about the book The New Financial Order: Risk in the 21st Century, Princeton University Press, 2003.

  • PowerPoint presentation for a 2008 talk about the book Subprime Solution: How Today's Global Financial Crisis Happened and What to Do about It, Princeton University Press 2008.

  • Links to courses related to the future of finance.

  • Home Page at Yale University of Prof. Robert J. Shiller