Charity banking: utopia or an alternative to greedy finance?

Aleksandra Staniszewska 

Warsaw School of Economics, Banking and Insurance Institute (SGH), Al. Niepodległości 162, Warsaw 02-554, Poland

Abstract
This paper will examine charity banking in terms of the idea, the current impact on the banking market and the social aspects for communities and depositors.

In greedy finance economy, the role of money is changing. It appears that it is not only the amount that counts, but also the quality. The quality of money is perceived by its source, personal attitude and the purpose. The idea of socially-responsible investment proves that there are investors who benefit from “social” investments in other terms than the financial rate of return. This other kind of profit offsets lower returns.

This paper presents the current state of so-called charity / social banking. The author makes an attempt to assess whether “charity” and “social” are appropriate words to describe economic activity like banking. Is it possible at all? Does it mean something different in comparison to other sectors?

In the first part of this paper there is a struggle defining terms such as: social / charity banking, social money and social return. In the second part there are examples of banking institutions engaged in a social / charity approach. In the last part the author tries to evaluate how much truth there is in the social / charity statements of such institutions.

This paper is based on the literature concerning social banking and money as well as the research regarding particular institutions.

 

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Presentation: Oral at Current Economic and Social Topics 2015, by Aleksandra Staniszewska
See On-line Journal of Current Economic and Social Topics 2015

Submitted: 2016-03-04 12:01
Revised:   2016-03-15 12:06