Morals, Markets and Money: The Case of Ethical Investing (Financial Times Series) (Hardcover)

"A lucid and accessible introduction to ethical investing that manages to be both realistic and optimistic. Lewis's level-headed analysis should appeal to academic and popular audiences alike." - Amitai Etzioni, author of The Moral Dimension: Toward a New Economics

'Alan Lewis has established himself as one of the foremost authorities on how people think about the morality of financial transations' - Peter Taylor-Gooby, Darwin College, University of Kent

"This book has an important message for economists, psychologists and policy makers. They should all read it!" - Paul Webley, Professor of Economic Psychology, University of Exeter

The first UK ethical fund was launched by Friends Provident ‘Stewardship’ in 1984. There are now about 44 ethical funds totalling around £3 billion in assets, involving 200,000 individual investors. The current government are actively encouraging ethical investment and looking to recommend it as a method for cleaning up markets and industry without direct government intervention. As a result, in July 2001 the first standardized benchmark for socially responsible investment in the UK – the FTSE4Good UK Index – was launched, provoking criticisms concerning the criteria for inclusion in the index.

Ethical investors, on the one hand, are driven to increase their wealth but, on the other hand, also want to satisfy their moral concerns. With the consequential restriction of portfolios why are an increasing number of investors doing this? Are people really prepared to take a financial loss in order to maintain their morals?

presents the case for ethical investing. It is a timely study of this new, and often controversial, movement and analyses the conflict between ‘rational economic man’ and ‘moral man’. The book examines:

• the history of ethical funds
• how they are marketed and viewed by the industry and media
• changes in the investment climate
• recent policy initiatives
• the characteristics of ethical investors and their perceptions of current risk and return.

Morals, Markets and Money

will be a thought-provoking and illuminating read for economists, financial advisors, professional investors and those with a vested interest in generating wealth without compromising their conscience.

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