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Capital and the Common GoodHow Innovative Finance is Tackling the World's Most Urgent Problems$
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Georgia Levenson Keohane

Print publication date: 2016

Print ISBN-13: 9780231178020

Published to Columbia Scholarship Online: September 2017

DOI: 10.7312/columbia/9780231178020.001.0001

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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 19 September 2021

Financing the Future: The Lessons of Innovative Finance and the TIES That Bind

Financing the Future: The Lessons of Innovative Finance and the TIES That Bind

(p.179) Conclusion Financing the Future: The Lessons of Innovative Finance and the TIES That Bind
Capital and the Common Good

Georgia Levenson Keohane

Columbia University Press

A globalized world means that the challenges we face are not confined to any one geography or sector; nor must be the solutions. Local carbon emissions produce global warming. Epidemics spread with rapid and cruel caprice. Conflict drives people over fences and oceans in search of sanctuary. Poverty exacerbates all of these problems, and investing in its alleviation is the paramount public good. Accordingly, innovative finance allows and encourages integrative, borderless thinking that makes critical linkages and investments across issues and regions: poverty and environmental degradation, public health and global warming, humanitarian disasters and long-term resilience, and community development that is both place- and people-centric. That is why, when it comes to finance, innovation is not so much about a new product or service as it is about creative application in different circumstances: an expert in securitization who translates future development aid pledges into vaccines today; an entrepreneur who turns a mobile phone into pay-as-you-go solar electricity; the conversion of pay-for-success contracts from bridges and roads to affordable housing, early childhood education, and maternal health. This adaptive approach—the ability to think beyond bounds, to overcome market failure in one context with market solutions from another—is a hallmark of innovative finance....

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