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Good Finance: Why We Need a New Concept of Finance
Just as we need good food for good health, so too do we need ‘good finance’ for social and economic wellness. In this book, Vedat Akgiray presents a timely critique of extreme financialisation, of the economics profession’s flawed modelling approach and the continuing blind faith in the efficient market hypothesis. Outlining the causes of financial crises and their socioeconomic effects, Good Finance puts the issues into perspective. It offers a clear platform upon which our current concept of finance can be revised for the good of society.
162 pages, Paperback
Published July 5, 2019
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July 24, 2026
A thought-provoking book recommended by a colleague from Boğaziçi University. The author, Vedat Akgiray -a Boğaziçi academic and former chairman of Turkey’s Capital Markets Board (SPK)- argues that modern finance has become increasingly detached from reality since the 1990s.
The book’s central argument is that today’s financial system is built on an ever-expanding cycle of debt. Existing debt is repaid with new debt, banks create money through lending, leverage continues to grow, and tax systems often encourage companies to finance themselves with debt rather than equity. According to the author, this debt-driven structure lies at the heart of many of the financial system’s vulnerabilities.
The book also challenges many core assumptions of mainstream finance, such as rational investors, efficient markets, and the belief that mathematical models can adequately explain complex financial systems. Instead, Akgiray argues that finance resembles a complex adaptive system more than a predictable physical one.
The first half felt a bit slow, but the second half was much stronger, covering topics such as CDSs, CDOs, mutual funds, hedge funds, and the lessons of the 2008 financial crisis. Even though I work in finance, I often found myself pausing to look up unfamiliar concepts, financial instruments, and terminology. That alone made the book a valuable learning experience.
I particularly enjoyed the discussion on regulatory arbitrage and the idea that financial innovation often outpaces regulation. The only point I disagreed with was the claim that today’s Apple or Microsoft would struggle to find funding because ETFs favor large companies; I think venture capital largely fills that gap.
Overall, this isn’t a technical textbook but a critical examination of modern finance and its assumptions. While the opening chapters are somewhat slow, the second half more than makes up for it. I would recommend it to anyone interested in financial markets, banking, or the future of finance.
The book’s central argument is that today’s financial system is built on an ever-expanding cycle of debt. Existing debt is repaid with new debt, banks create money through lending, leverage continues to grow, and tax systems often encourage companies to finance themselves with debt rather than equity. According to the author, this debt-driven structure lies at the heart of many of the financial system’s vulnerabilities.
The book also challenges many core assumptions of mainstream finance, such as rational investors, efficient markets, and the belief that mathematical models can adequately explain complex financial systems. Instead, Akgiray argues that finance resembles a complex adaptive system more than a predictable physical one.
The first half felt a bit slow, but the second half was much stronger, covering topics such as CDSs, CDOs, mutual funds, hedge funds, and the lessons of the 2008 financial crisis. Even though I work in finance, I often found myself pausing to look up unfamiliar concepts, financial instruments, and terminology. That alone made the book a valuable learning experience.
I particularly enjoyed the discussion on regulatory arbitrage and the idea that financial innovation often outpaces regulation. The only point I disagreed with was the claim that today’s Apple or Microsoft would struggle to find funding because ETFs favor large companies; I think venture capital largely fills that gap.
Overall, this isn’t a technical textbook but a critical examination of modern finance and its assumptions. While the opening chapters are somewhat slow, the second half more than makes up for it. I would recommend it to anyone interested in financial markets, banking, or the future of finance.
Displaying 1 - 1 of 1 review