Here’s a concise summary of Value(s): Building a Better World for All by Mark Carney, In Value(s), published in 2021, Mark Carney, a prominent economist and former governor of the Bank of Canada and Bank of England, explores the growing disconnect between economic "value" (market prices) and societal "values" (ethical and human principles). He argues that modern society has shifted from a market economy—where markets serve people—to a market society, where market logic dominates, commodifying everything and eroding core human values like fairness, solidarity, and responsibility.
The book is structured in three parts:
Historical Context: Carney traces the evolution of economic thought on value, from objective measures (e.g., labor-based value in Adam Smith’s work) to subjective, market-driven valuations. He critiques how this shift has prioritized short-term profit over long-term societal well-being. Crises as Value Failures: He analyzes three modern crises—the 2008 financial crash, the COVID-19 pandemic, and climate change—as symptoms of this misalignment. For example, the financial crisis stemmed from unchecked greed and poor regulation, while climate change reflects a "tragedy of the horizon," where short-term thinking ignores future costs. A Path Forward: Carney proposes a framework to realign markets with human values, emphasizing seven key principles: solidarity, fairness, responsibility, resilience, sustainability, dynamism, and humility. He advocates for practical solutions like carbon pricing, sustainable investing, and purpose-driven businesses to address inequality, climate change, and economic instability. Carney’s central thesis is that markets are powerful tools but must be guided by societal values to serve humanity, not dominate it. He draws on his extensive experience in finance and policymaking to offer both a critique of neoliberalism and a vision for a more inclusive, sustainable economy.
This summary reflects the book’s key ideas without reproducing its full 600-page scope, which blends economic history, personal anecdotes, and policy prescriptions. In Value(s), Carney critiques the overreliance on market-driven values and advocates for a system where markets serve societal goals like fairness, sustainability, and resilience. He emphasizes seven core values—solidarity, fairness, responsibility, resilience, sustainability, dynamism, and humility—as a blueprint for addressing global challenges like climate change, inequality, and economic instability. These ideas align closely with the messaging he’s deployed as a political figure in 2025, especially given the context of his snap election call on March 23, 2025, amid a trade war with the United States. During his campaign for the Liberal Party leadership (launched January 16, 2025) and his brief tenure as Prime Minister, Carney has positioned himself as a crisis manager, leveraging his experience as a central banker during the 2008 financial crisis and Brexit.
His book’s focus on resilience and responsibility mirrors his campaign rhetoric about strengthening Canada against external threats, notably U.S. tariffs and annexation taunts from President Trump. For instance, in his victory speech on March 9, 2025, he declared, “We cannot let [Trump] succeed,” framing Canada’s economic sovereignty as a moral and practical imperative—echoing Value(s)’ call for solidarity and a purpose-driven economy. Carney’s policy moves also reflect the book’s principles. His decision to scrap the consumer carbon tax shortly after taking office on March 14, 2025, while pushing for corporate accountability on emissions, aligns with his book’s argument for shifting burdens from individuals to systemic players, promoting fairness and sustainability. His pledges to diversify trade partners (e.g., trips to the UK and France) and bolster Canadian industry (e.g., buying Canadian steel) tie into the dynamism and resilience he champions in Value(s), aiming to build a robust economy less vulnerable to U.S. pressure. The snap election announcement on March 23, 2025, for April 28, 2025, further ties into his book’s urgency about acting decisively in crises.
In Value(s), he critiques short-term thinking—like the “tragedy of the horizon” in climate policy—and his call for a “strong, positive mandate” suggests he’s applying this long-term vision to Canada’s immediate challenges, seeking voter backing to implement his value-driven framework. In short, Carney’s campaign for Prime Minister amplifies Value(s)’ core message: markets must be harnessed to reflect human values, not dictate them. His platform—confronting Trump, rebuilding economic strength, and prioritizing sustainability—reads like a practical application of the book’s ideals, tailored to Canada’s 2025 context. Whether this resonates with voters in the upcoming election remains to be seen, but the link is clear: his campaign is an attempt to bring Value(s) from theory to policy.
