🌍 The Price of Everything and the Value of Nothing
How Market Thinking Conquered Our World
With every article and podcast episode, we provide comprehensive study materials: References, Executive Summary, Briefing Document, Quiz, Essay Questions, Glossary, Timeline, Cast, FAQ, Table of Contents, Index, Polls, 3k Image, and Fact Check.
We're living in the end stages of a dangerous experiment.
Over the last few decades, we've allowed market thinking to colonize every aspect of human existence. The result? A society where everything has a price tag, but nothing has genuine value.
Mark Carney, former governor of the Bank of England, puts it bluntly: "When everything is relative, nothing is immutable." We've moved from economies that use markets to societies that are defined by them. This transformation didn't happen by accident. It was carefully engineered by those who benefit most from reducing human relationships to transactions.
The Three Lies That Broke Our Economy
The 2008 financial crisis didn't come out of nowhere. It was built on what Carney calls "the three lies of finance":
"This time is different" (It never is)
"Markets are always right" (They're spectacularly wrong with alarming frequency)
"Markets are moral" (Perhaps the most dangerous lie of all)
These beliefs created a financial system drunk on its own mythology—a system that eventually crashed, burning trillions in wealth and devastating countless lives. Yet somehow, we didn't learn the lesson. Instead, we bailed out the perpetrators and doubled down on the ideology that caused the disaster.
What's truly staggering is that we're making the exact same mistake with our planet.
The Amazon vs. Amazon: A Tale of Two Valuations
Consider this jarring contrast: We assign enormous market value to Amazon the company, but we only "value" the Amazon rainforest when it's destroyed for cattle ranching or soy production.
This isn't just an unfortunate oversight. It's a fundamental defect in how we measure worth.
Our accounting systems completely fail to capture the true value of ecosystems that regulate our climate and support biodiversity. These living systems are literally priceless—they make human civilization possible—yet they have no recognized market value until they're converted into commodities.
This perverse logic is why we're careening toward climate catastrophe. We're liquidating our ecological capital and calling it income.
How We Got Here: The Great Reduction
This market fundamentalism represents a radical narrowing of human values. We've abandoned millennia of ethical thought in favor of a simplistic calculation: if it makes money, it must be good.
Earlier economic thinkers from Aristotle to Adam Smith understood that value was more complex. They recognized that the labor that went into producing something mattered, that justice in exchange was essential, that economics couldn't be separated from ethics.
Even Adam Smith—so often misrepresented as a free market zealot—insisted that our moral judgments develop through human connection. His vision of capitalism was embedded in social relationships and moral understanding.
By contrast, today's neoclassical economists reduce value to whatever someone will pay at a given moment. If it's not priced, it's neither valued nor valuable. Full stop.
This impoverished view leaves us unable to protect what matters most.
The Knowledge Problem: You Can't Manage What You Can't Measure
How do you put a price on health? Freedom? A clean environment? Policy makers use tools like cost-benefit analysis and the "value of statistical life" to assign monetary value to things that don't have market prices.
But there are profound limitations to these approaches. The sum of all market values does not equal total welfare. And reducing everything to dollars and cents creates moral blind spots large enough to drive civilization-ending catastrophes through.
The COVID-19 pandemic exposed this reality brutally. Countries that topped the Global Health Security Index often performed terribly when actually facing the virus. Why? Because metrics failed to capture crucial intangibles like social trust, effective leadership, and government legitimacy.
When we treat resilience as an unnecessary cost rather than an essential investment, we set ourselves up for disaster.
The Climate Crisis Is a Values Crisis
Climate change isn't just an environmental problem—it's the ultimate market failure. As Carney explains, it's a "tragedy of the horizon" where the catastrophic impacts lie beyond the traditional planning cycles of businesses and governments.
The fossil fuel industry's "stranded assets" represent perhaps the greatest mispricing in economic history. We've built our financial system on resources that must remain in the ground if we hope to avoid climate collapse.
Yet here's the good news: values are shifting. Social movements are driving change faster than market signals alone. There's growing recognition that companies must serve a purpose beyond profit, considering their impacts on workers, communities, and the environment.
The Fourth Industrial Revolution: Reclaiming Value in the Age of AI
As we enter an era of AI, robotics, and unprecedented technological change, the stakes couldn't be higher. Will these technologies serve humanity or further concentrate wealth and power in the hands of a few?
The answer depends entirely on the values that guide their deployment.
The pandemic accelerated this fourth industrial revolution, transforming how we work and live. Now we face critical choices about how to rebuild. Will we continue measuring success through GDP growth alone, or will we prioritize human wellbeing and ecological health?
What We Measure Is What We Become
There's nothing inevitable about market fundamentalism. Markets are human creations—social constructs that depend on rules set by governments and values held by society. If left completely unchecked, markets erode the very values they need to function properly.
We're seeing this erosion play out in rising inequality, declining trust in institutions, and the growing sense that our social contract is breaking down.
But there's an alternative path. We can reclaim our core values of fairness, responsibility, resilience, sustainability, dynamism, and solidarity. We can build economies that recognize human dignity as non-negotiable and ecosystem integrity as the foundation of prosperity.
This isn't about rejecting markets. It's about putting them back in their proper place—as tools to serve human flourishing rather than masters that demand our sacrifice.
The Final Value: Humility
The last value explored is perhaps the most important: humility. Not as weakness, but as essential wisdom for leaders navigating complexity.
Humility means recognizing that we don't have all the answers, that unexpected events are inevitable, and that planning for failure is crucial for building resilience.
The greatest hubris of market fundamentalism was its certainty—its unwavering faith that complex systems could be reduced to simple metrics and left to regulate themselves.
We now know better. Or at least, we should.
The choice before us couldn't be clearer: Continue treating everything and everyone as commodities to be valued only for their market price, or reclaim the deeper human values that make life worth living.
What we decide will determine not just the fate of our economies, but the future of our civilization.
What do you think? Has market thinking gone too far in our society? Which areas of life should be protected from market logic? Share your thoughts in the comments.
Link References
Values: Building a Better World for All by Mark Carney
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STUDY MATERIALS
Briefing Document
Mark Carney: Career, Views, and the Themes of "Values"
Subject: Analysis of Mark Carney's Career, Views, and the Themes of "Values"
The aim is to provide a comprehensive overview of Carney's professional life, his stated economic and political views, and the central arguments of his book concerning values in economics and society.
I. Mark Carney: A Biographical and Professional Overview (Wikipedia)
This section summarizes the main points of Carney's life and career as outlined in his Wikipedia entry.
Early Life and Education: The Wikipedia entry notes the existence of this section, implying details about his background and formative years would be found there in the full text.
Financial Career: This is a significant portion of Carney's biography, detailed across several key roles:
Governor of the Bank of Canada (2008–2013):Financial Crisis: Carney served as Governor during the 2008 global financial crisis. The entry includes citations suggesting varying perspectives on his role, with some, like former Prime Minister Harper, accusing him of "overblowing role during financial crisis" (CBC News, March 3, 2025). Other sources (Financial Times, April 29, 2010, Euromoney, October 11, 2012) highlight recognition he received during this period, including being named one of the "Fifty who will frame a way forward" by the Financial Times and a "TIME 100" member. He was also named "Euromoney Central Bank Governor of the Year 2012."
International Organization Memberships: During his tenure, Carney held positions in several international bodies, including Chairman of the Committee on the Global Financial System (Bank for International Settlements, June 29, 2010), member of the Group of Thirty, and a participant in the World Economic Forum Leadership Team and Bilderberg Meetings.
Governor of the Bank of England (2013–2020): Carney's move to the Bank of England is noted, with sources detailing the appointment process involving the Chancellor of the Exchequer (The Independent, November 27, 2012; bbc.co.uk, November 26, 2012). The BBC News referred to him as the "'unreliable boyfriend' who ran UK's central bank" (BBC News, January 16, 2025), suggesting a potentially complex or controversial tenure. During his time, he warned about the housing market (BBC News, May 18, 2014), referencing the "Help to Buy" scheme.
Post-Governorships (2020–2024): Following his time at the Bank of England, Carney took on several roles, including advising the Canadian Prime Minister Justin Trudeau on economic recovery during the COVID-19 pandemic (Financial Post, August 10, 2020; CBC News, August 10, 2020; CTV News, August 10, 2020). He also joined Brookfield Asset Management to lead their expansion into ESG funds (Bloomberg News, August 26, 2020; CBC News, August 26, 2020; The Globe and Mail, August 26, 2020; The Guardian, August 26, 2020). This role attracted some criticism, with reports of him "Walk[ing] Back Brookfield Net-Zero Claim After Criticism" (Bloomberg.com, February 25, 2021) and concerns raised about "carbon accounting tricks" (The Guardian, March 3, 2021). He was involved with initiatives like the "Taskforce on Scaling Voluntary Carbon Markets (TSVCM)" (Financial Times, 2020) and the "Glasgow Financial Alliance for Net Zero" (Glasgow Financial Alliance for Net Zero). Carney also joined the board of digital payments company Stripe (Reuters, February 20, 2021) and the advisory board of Watershed (Watershed, May 11, 2023).
Political Beginnings: The entry indicates Carney's involvement in Canadian politics, including being tapped by the Liberal Party as a "special adviser" and leading a new task force advising Trudeau (CTV News, September 9, 2024; Global News, September 9, 2024). This has generated some controversy, with reports of his company Brookfield soliciting Ottawa for billions (National Post, September 19, 2024) and Brookfield moving its headquarters to New York (Financial Post). Former UK Prime Minister suggested Carney's policies would be "disastrous" for Canada (Western Standard, January 20, 2025). There are also reports that former PM Harper had asked Carney to be finance minister in the past (CBC News, February 16, 2025), and the Globe and Mail discussed "How the Liberal Party lost Mark Carney" previously (December 1, 2012).
Leader of the Liberal Party: This section suggests Carney might be a potential or current leader, with mention of a "2025 leadership campaign," though the timeline in other sections indicates he is Prime Minister by then.
Prime Minister of Canada (2025–present): This indicates a hypothetical future scenario where Carney holds the highest political office in Canada. A CBC News article from March 3, 2025, is cited within the "Financial career" section, referring to "Former prime minister Harper," suggesting Carney is indeed PM in this hypothetical timeline.
Views: This section outlines Carney's perspectives on various policy areas:
Economics: Including wealth inequality, monetary policy, moral to market sentiments, and fiscal policy. The book excerpts provide more detail on his views regarding "moral to market sentiments."
Foreign Policy: Covering Brexit, NATO, and CANZUK. His views on Brexit are further suggested by his Bank of England tenure and related citations in the book.
Environmentalism: Focusing on climate change and housing. His post-governorship roles and the book excerpts highlight his strong stance on climate change.
Publications: This section would list any books or significant publications authored by Carney, including presumably "Values."
Personal Life: This section would contain information about his family, personal interests (e.g., being an Everton fan - The Daily Telegraph, February 13, 2013, running the London Marathon - City A.M., April 27, 2015), and potentially his citizenship status (having become a UK citizen - Bloomberg, November 22, 2018, and beginning the process of renouncing Irish and UK citizenship - CBC News, March 1, 2025).
Honours and Distinctions: Mentions various recognitions received, such as honorary degrees (various universities cited).
References, Further Reading, External Links: Standard sections for a Wikipedia entry, providing sources and additional resources.
II. Key Themes and Ideas from "Values"
This section outlines the central arguments and important concepts presented in the provided excerpts from Mark Carney's book "Values."
The Governor's Perspective and the History of Economic Thought: Carney begins by establishing his perspective as a former Governor of the Bank of England, highlighting the historical significance and enduring mission of the institution. He reflects on the evolution of economic thought, tracing ideas of value from Aquinas and St. Antonino (emphasizing disutility and the spiritual object of activity) through mercantilism (national wealth defined by gold and the prioritization of national competitive state over moral order). He notes that mercantilism, while aiming for lofty goals, often served the interests of select groups.
Quote: "Despite such lofty aims, however, the mercantilist literature was primarily intended to advance the fortunes of a select group of individuals and corporations, whose pursuit of personal gain was clothed in a larger national purpose."
Theories of Value: The book delves into various historical theories of value:
Utility-based value: Introduced by figures like Bernardo Davanzati, who distinguished between "value in exchange" and "value in use" and focused on the drivers of demand.
Labour theory of value: Proposed by Sir William Petty, who saw "natural value" as determined by land and labour, later simplified to labour based on a "subsistence wage." Carney notes Petty's greater concern with calculating national output (foreshadowing GDP) than the origin of value.
Adam Smith and the Moral Sentiments: Carney emphasizes that Adam Smith, often caricatured as a proponent of pure laissez-faire, should be understood through the lens of his "The Theory of Moral Sentiments" alongside "The Wealth of Nations." He argues Smith recognized the necessity of "trust, fairness and integrity" for effective markets and that markets are "living institutions, embedded in the culture, practice, traditions and trust of their day."
Quote: "Smith would not have recognised the disembodied mathematical constructs of markets that characterise modern economics and policymaking. Rather markets are living institutions, embedded in the culture, practice, traditions and trust of their day."
Ricardo and Diminishing Returns: Carney briefly touches on Ricardo's contributions, including the "law of diminishing marginal returns" and his shared aversion to mercantilism with Adam Smith.
Marx and the Social Context of Value: Marx is presented as emphasizing the social and political context of value and criticizing classical economists for their lack of historical perspective.
Neo-classicism and Marginal Utility: The rise of neo-classicism, with figures like Jevons, Walras, and Menger, is discussed, highlighting the shift towards subjective value determined "on the margin" by utility. This resolved the "water–diamond paradox" by considering both utility and scarcity.
The Nature and Value of Money: Carney explores the functions of money (store of value, medium of exchange, unit of account) as defined by Adam Smith and how these operate in a hierarchy. He discusses the evolution of money from physical tokens to account-based electronic money created by banks. The history of the Bank of Amsterdam serves as an example of the values underpinning sound money: "a sense of purpose, good governance, transparency and accountability." He contrasts this with the "Free Banking Era" in the US, highlighting the dangers of unsupervised private money creation. The gold standard is examined as another historical attempt to back the value of money.
Quote: "Money, whether issued publicly or privately, is a public good. Those who create, manage and store it; and those who facilitate and record its transactions all bear special responsibilities to maintain trust in the system, for loss of confidence in one part of the system can undermine trust in the whole."
Central Banking and Monetary Policy: The book discusses the evolution of central banking, using the Bank of England as a case study, from its early days to the granting of monetary policy independence in 1998. The importance of central banks as "guarantors of trust and confidence in money" is emphasized, along with their responsibilities for monetary policy, acting as lender of last resort, and maintaining financial stability.
The Future of Money: Carney considers innovations like cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs), evaluating them against the core functions and fundamental values of money. While seeing limitations in current electronic pretenders, he acknowledges their potential to disrupt the old regime and emphasizes the need to maintain a focus on underlying values.
Restoring Morality to Markets: This section addresses ethical concerns in finance, arguing that regulatory measures must be combined with cultural change. The concept of market participants as "true stakeholders" who recognize the broader impact of their actions is introduced.
The Role and Capacity of the State: The importance of state capacity (legal, collective, and fiscal) for fulfilling its duties is highlighted. Carney critiques the use of purely descriptive measures like the "Value of Statistical Life (VSL)" in policy decisions, arguing that they are never morally impartial and can prioritize wealth over welfare.
Climate Change and the Transition to Net Zero: A significant theme, with discussions on "committed emissions," the need for a transition to zero-carbon technologies, and the role of financial institutions in assessing and supporting this transition. He emphasizes the importance of climate stress tests and investors disclosing the alignment of their portfolios with net-zero targets.
The Purpose of Companies: Carney challenges the purely shareholder-centric view of corporate purpose, advocating for a stakeholder model where companies create value for all stakeholders. He uses the example of Josiah Wedgwood to illustrate the power of purpose-driven companies and critiques Friedman's doctrine that the sole purpose of business is to increase profits. He highlights the multi-faceted nature of purpose, operating internally, externally with customers, and as a social narrative. Examples like Danone's adoption of "entreprise à mission" status are cited.
Quote: "Is it the responsibility of a company to create value for its shareholders alone? Or its stakeholders together? If the latter, how should value, particularly that which is not priced in any market, be measured?"
Values-Based Investing: The book explores how environmental, social, and governance (ESG) factors are being integrated into investment decisions. Carney acknowledges the value of various measurement methodologies but warns against a "cacophony of measurement." He provides an example of monetizing the social impact of a solar company and discusses how investors' values can influence their assessment of such impacts.
Personal Reflections and the Importance of Humility: Carney reflects on his own career path and the lessons learned in public service. The concluding remarks emphasize the transience of individuals and the importance of a longer-term perspective grounded in selflessness and service.
III. Connections and Overlapping Themes
Several connections and overlapping themes emerge from the two sources:
Carney's Career Trajectory: The Wikipedia entry provides the factual timeline of Carney's career, while "Values" offers insights into his thinking and the principles that may have guided his decisions in those roles, particularly his emphasis on the broader societal impact of economic and financial matters.
The 2008 Financial Crisis: Both sources touch upon this period. Wikipedia notes his role as Governor of the Bank of Canada and the varied perspectives on his handling of the crisis. "Values" references the crisis in the context of restoring morality to markets and the dangers of excessive risk-taking.
Climate Change: This is a prominent theme in Carney's post-governorship activities (Wikipedia) and a significant focus in "Values," where he argues for the financial sector's crucial role in the transition to a net-zero economy.
The Purpose of Institutions and Businesses: Carney's views on this, evident in his advisory role with the Liberal Party (Wikipedia) and extensively discussed in "Values," highlight his belief in a broader responsibility beyond narrow financial interests.
The Evolution of Economic Thought: "Values" provides a historical context for Carney's own economic philosophy, which seems to draw from a range of thinkers beyond purely free-market principles, aligning with the Wikipedia entry's note that his "Views" on economics are multifaceted.
IV. Conclusion
The provided sources paint a picture of Mark Carney as a highly influential figure with a distinguished career in central banking and increasing involvement in political and environmental spheres. His book "Values" reveals a deep engagement with the history of economic thought and a strong belief in the importance of ethical considerations and broader societal values in shaping economic systems and the behavior of institutions and businesses. He advocates for a more holistic understanding of value that goes beyond purely financial metrics, particularly in addressing challenges like climate change and wealth inequality. His recent political activities suggest an intention to further translate these values into public policy.
This briefing document provides a foundational understanding of Mark Carney's background and the key arguments presented in the excerpts from his book. Further research into the full Wikipedia entry and the complete text of "Values" would offer even greater detail and nuance.
Quiz & Answer Key
Answer the following questions in 2-3 sentences each, based on the provided sources.
What were Mark Carney's two major roles in central banking before his current position as Prime Minister of Canada?
According to the Wikipedia excerpt, what has former Prime Minister Harper accused Carney of regarding the 2008 financial crisis?
Based on Carney's book, where did he begin his tenure as Governor of the Bank of England, and what did this space symbolize to him?
Explain St. Antonino's justification for charging interest, as described in Carney's book.
What was the core belief of mercantilism regarding national wealth, and how did it shift the focus from earlier moral orders?
How did Sir William Petty contribute to the measurement of national wealth, and what activities did he consider "productive"?
According to Carney, what are the three essential functions of money as defined by Adam Smith?
Explain the concept of "fountain pen money" and how it differs from earlier forms of currency.
What were the key reasons behind the collapse of the Bank of Amsterdam, according to Carney's analysis?
According to Carney, what is a major concern regarding the potential implementation of a Central Bank Digital Currency (CBDC)?
Quiz: Answer Key
Mark Carney served as the Governor of the Bank of Canada (2008-2013) and subsequently as the Governor of the Bank of England (2013-2020). These roles positioned him as a key figure in international finance and monetary policy.
According to the CBC News article cited in the Wikipedia excerpt, former Prime Minister Harper accused Carney of overblowing his role in protecting Canada from the 2008 financial crisis. This suggests a difference in perspective on Carney's impact during that period.
Carney began his tenure as Governor of the Bank of England in an office within the historic building, entering through the bullion yard and passing through areas rich with the Bank's history. This symbolized the institution's long-standing mission and imperial past.
St. Antonino justified charging interest by arguing that the lender foregoes the potential profit that the money (as capital) could have earned. Therefore, the lost profit could be justly charged as interest, though gains were not to be seen as ultimate ends.
Mercantilism held that maximizing net exports was the best way to achieve national prosperity, with a country's wealth measured by its gold reserves accumulated through trade surpluses. This shifted the focus from the moral order of the canonists to the competitive national state.
Sir William Petty pioneered the calculation of national output or wealth, identifying land and labor as the factors of "natural value." He considered expenditures on necessities and activities promoting merchant trade as productive, while viewing professions as facilitators.
According to Carney, Adam Smith defined money by its ability to serve as a store of value, a medium of exchange for goods and services, and a unit of account for measuring value. These functions establish the fundamental role of money in an economy.
"Fountain pen money" (or electronic money today) refers to the creation of money by banks when they make new loans, a process far removed from physical tokens. This private money creation is disciplined by competition, regulation, and the actions of households and companies.
The Bank of Amsterdam collapsed because it deviated from its core mission by increasingly lending to the Dutch East India Company without proper oversight or transparent disclosure. This led to a decline in public trust and a subsequent run on the bank.
A major concern regarding CBDCs, according to Carney, is the potential for the central bank to crowd out the private sector in gathering deposits and allocating credit if not properly designed with limited direct public access. This could destabilize the financial system.
Essay Questions
Essay Format Questions
Consider the following questions for essay format responses. These questions require you to synthesize information from both sources and think critically about the concepts presented.
Compare and contrast Mark Carney's roles as Governor of the Bank of Canada and Governor of the Bank of England, considering the historical and economic contexts of each institution as suggested by the provided materials.
Analyze the evolution of economic thought regarding the concept of "value" as presented in Carney's book, tracing the shift from moral and intrinsic perspectives to subjective and utility-based theories.
Discuss the values that Carney argues are essential for maintaining sound money and financial stability, drawing on historical examples like the Bank of Amsterdam and contemporary challenges such as cryptocurrencies.
Evaluate Carney's perspective on the role of purpose and values in modern corporations, considering his arguments against a purely shareholder-centric model and the examples of companies striving for broader stakeholder value.
Critically assess Mark Carney's transition from a prominent central banker to a political figure and Prime Minister, considering any potential connections between his economic views and his current political platform as suggested by the Wikipedia excerpt.
Glossary of Key Terms
Glossary of Key Terms
Central Bank: A financial institution that manages a country's currency, monetary policy, and often oversees the banking system.
Financial Crisis: A situation in which the value of financial assets drops rapidly, businesses are unable to get financing, and the economy may go into a recession.
Monetary Policy: Actions undertaken by a central bank to manipulate the money supply and credit conditions to stimulate or restrain economic activity.
Mercantilism: An economic theory prevalent in the 16th-18th centuries that advocated for maximizing a nation's wealth through a positive balance of trade, often measured in gold.
Utility: In economics, the satisfaction or benefit derived from consuming a good or service.
Labour Theory of Value: An economic theory that argues that the value of a commodity is determined by the amount of socially necessary labor time required to produce it.
Subjective Theory of Value: An economic theory that argues that the value of a good or service is determined by the individual's perception of its usefulness or benefit (utility).
Marginalism: An economic principle that decisions are made based on the additional (marginal) benefit and cost of the next unit.
Fiat Money: Currency that is not backed by a physical commodity like gold or silver but derives its value from government decree.
Fractional Reserve Banking: A system in which banks hold only a fraction of their deposits in reserve and lend out the rest.
Gold Standard: A monetary system in which the value of a currency is directly linked to gold, allowing for convertibility.
Debasement: The practice of reducing the metallic content or purity of coins while maintaining their face value, leading to inflation.
Central Bank Digital Currency (CBDC): A digital form of a central bank's national currency.
Stakeholders: Parties that have an interest in a company or organization, including shareholders, employees, customers, suppliers, and the community.
ESG (Environmental, Social, and Governance): A set of criteria used to evaluate a company's sustainability and ethical impact.
Timeline of Main Events
Economic Thought, Central Banking, and Mark Carney's Trajectory
Pre-17th Century:
Ancient Times: Cowry shells used as a form of money. Precious metals used as currency; earliest coins date from around 600 BC in modern-day Turkey.
Roman Times: Gold, silver, and bronze coins produced.
Medieval Period:Aquinas (13th Century): Discusses just prices based on labor and costs, views money primarily as a medium of exchange, and condemns usury.
St Antonino (1389-1459): Justifies prices based on disutility and rationalizes interest based on potential profit.
17th Century:
Early 17th Century: Mercantilism emerges as an economic doctrine focused on maximizing net exports and national wealth measured by gold.
Bernardo Davanzati (1529-1606): Develops a theory of value based on utility, distinguishing between "value in exchange" and "value in use," and identifying the "paradox of value."
Sir William Petty (1623-1687): Develops a theory of "natural value" based on land and labor, foreshadowing later labor theories of value. He also pioneers the calculation of national output.
Nicholas Barbon (1640-1698): Anticipates subjective utility theory, suggesting the natural value of goods is represented by their market price based on their use.
John Law (1671-1729): Makes an advance in value theory by combining supply and demand, using the water-diamond paradox as an example.
1694: The Bank of England is founded, combining the right to issue banknotes with financing the state.
18th Century:
Early 18th Century: The Bank of Amsterdam collapses due to excessive lending to the Dutch East India Company and a loss of public trust.
Adam Smith (1723-1790): Publishes The Theory of Moral Sentiments (1759) and An Inquiry into the Wealth of Nations (1776), widely viewed as foundational works in economics. Smith defines money by its functions (store of value, medium of exchange, unit of account) and emphasizes the importance of self-interest in markets, while also stressing the need for a broader social context and public value.
Jean-Baptiste Say (1767-1832): Disavows the labor theory of value and argues that utility is the basis of value, with price measuring utility.
Josiah Wedgwood (1730-1795): Innovates in pottery production, transforming business practices and representing an early example of a purpose-driven company.
End of 18th Century: Henry Austen, Jane Austen's brother, sets up a bank that issues its own banknotes, illustrating the decentralized nature of banking at the time.
19th Century:
David Ricardo (1772-1823): Articulates the "law of diminishing marginal returns" and further develops ideas on trade and aversion to mercantilism.
Karl Marx (1818-1883): Places value in a social and political context, focusing on the labor theory of value and the progress of social history.
Mid-19th Century (1837-1863): The Free Banking Era in the United States sees numerous private banks issuing currencies without federal oversight, leading to chaos and instability.
Late 19th Century (1870s): The "marginal revolution" occurs with economists like William Jevons (1835-1882), Leon Walras (1834-1910), and Carl Menger (1840-1921) independently arguing that value is determined "on the margin" based on subjective utility.
Jeremy Bentham (1748-1832) and John Stuart Mill (1806-1873): Pioneer utilitarianism, the philosophical basis for much of neo-classical economics, which holds that ethical choices maximize happiness for the greatest number.
20th Century:
Early 20th Century (1913): The Federal Reserve System is established in the US to oversee the banking system and institute prudential rules, partly in response to the instability of the Free Banking Era.
1946: The Bank of England is brought into public ownership.
Post-WWII Era: The Bank of England operates for several decades without a clearly defined statutory objective, during which time the value of sterling declines with devaluations and high inflation.
Milton Friedman (1912-2006): Articulates the shareholder primacy doctrine, arguing that the sole social responsibility of a corporation is to increase its profits while adhering to laws and ethical customs.
Late 20th Century (1997-1998): The Bank of England is granted independence for the operation of monetary policy with the Bank of England Act 1998, establishing the Monetary Policy Committee (MPC) and a clear inflation target.
Late 20th Century (Mid-1990s): Northern Rock expands into traditional banking activities following financial deregulation.
Late 20th Century (1997): Northern Rock Building Society demutualizes and becomes Northern Rock Bank, pursuing an originate-to-distribute model.
21st Century:
Early 21st Century (Early 2000s): Hyman Minsky's theories on financial instability and the cycle of speculation and debt gain renewed attention.
2003-2013: Mark Carney serves as Governor of the Bank of Canada.
2007-2008: The global financial crisis unfolds, triggered by issues in the subprime mortgage market and impacting institutions like Northern Rock. Mark Carney becomes Governor of the Bank of Canada during this period.
Early 2008: Mark Carney becomes Governor of the Bank of Canada and deals with the aftermath of the financial crisis, including requests for the Bank to take on private sector risks.
2008-2013: Mark Carney's tenure as Governor of the Bank of Canada is marked by responses to the financial crisis.
2010: Mark Carney appointed Chairman of the Committee on the Global Financial System. Bank for International Settlements.
2010: Time magazine includes Mark Carney in its list of the 100 most influential people.
June 29, 2010: Mark Carney appointed Chairman of the Committee on the Global Financial System.
2011-2012: Mark Carney participates in Bilderberg Meetings.
October 11, 2012: Mark Carney named Euromoney Central Bank Governor of the Year 2012.
November 26, 2012: Mark Carney is appointed as the next Governor of the Bank of England, to take office in 2013.
2013-2020: Mark Carney serves as Governor of the Bank of England.
November 2013: Mark Carney gives a speech to Channel 4 News, discussing his role and the economy.
May 2014: As Governor of the Bank of England, Mark Carney warns about the UK housing market and the "Help to Buy" scheme.
April 2015: Mark Carney participates in the London Marathon.
November 2018: Mark Carney fulfills a promise by becoming a UK citizen.
December 2019: The UN appoints Mark Carney as Special Envoy on Climate Action and Finance.
January 2020: The UK government names Mark Carney as a Finance Adviser for COP26.
March 2020: Mark Carney's term as Governor of the Bank of England concludes, succeeded by Andrew Bailey.
August 2020: Mark Carney begins advising Canadian Prime Minister Justin Trudeau on the COVID-19 economic recovery plan.
August 2020: Mark Carney joins Brookfield Asset Management to lead the firm's expansion into ESG (Environmental, Social, and Governance) funds.
February 2021: Mark Carney joins the board of digital payments company Stripe.
February 2021: Mark Carney walks back a net-zero claim made by Brookfield after criticism.
2021: Mark Carney critiques Canada's pandemic preparedness but praises its benefit spending.
September 2024: Mark Carney is tapped by the Liberal Party of Canada as a special advisor and to lead a new task force advising Prime Minister Trudeau. This coincides with Brookfield soliciting the Canadian government for a $10 billion investment.
Late 2024/Early 2025: Discussions and media coverage surrounding Mark Carney's potential political ambitions in Canada, including speculation about leading the Liberal Party.
January 2025: Former UK Prime Minister criticizes Carney's potential policies for Canada as "disastrous."
February 2025:Mark Carney states that former Prime Minister Stephen Harper asked him to be finance minister in the past.
The Globe and Mail publishes an opinion piece questioning if Mark Carney's French language skills will be a disadvantage in Quebec.
Mark Carney announces he has begun the process of renouncing his Irish and UK citizenship.
March 2025: Former Prime Minister Stephen Harper accuses Mark Carney of overblowing his role during the 2008 financial crisis.
2025 (Projected): Sources indicate Mark Carney becoming the Leader of the Liberal Party and subsequently Prime Minister of Canada.
Cast of Characters and Brief Bios
Mark Carney: (1965-present) Canadian economist and banker. Served as Governor of the Bank of Canada (2008-2013) and Governor of the Bank of England (2013-2020). Held various international financial roles and, post-governorships, has been involved in climate finance and joined Brookfield Asset Management. In late 2024, he became a special advisor to Canadian Prime Minister Justin Trudeau, with increasing speculation about his political future, potentially leading the Liberal Party and becoming Prime Minister by 2025 (according to the provided sources).
Adam Smith: (1723-1790) Scottish economist and philosopher. Author of The Theory of Moral Sentiments and An Inquiry into the Wealth of Nations. Considered the father of modern economics, his work laid the foundation for classical economics, emphasizing free markets, division of labor, and the "invisible hand."
David Ricardo: (1772-1823) British political economist. Known for his work on theories of rent, comparative advantage, and the labor theory of value. Articulated the "law of diminishing marginal returns."
Karl Marx: (1818-1883) German philosopher, economist, and revolutionary socialist. Critiqued capitalism and developed the theory of historical materialism and the labor theory of value in his seminal work Das Kapital.
William Jevons: (1835-1882) British economist. One of the key figures in the "marginal revolution," independently developing the concept of marginal utility as the basis of value.
Leon Walras: (1834-1910) French economist. Another key figure in the marginal revolution, known for his work on general equilibrium theory and the mathematical formalization of economics.
Carl Menger: (1840-1921) Austrian economist and founder of the Austrian School of economics. Independently developed the theory of marginal utility.
Jeremy Bentham: (1748-1832) English philosopher, jurist, and social reformer. Founder of utilitarianism, the ethical theory that actions are right if they promote happiness and wrong if they produce suffering.
John Stuart Mill: (1806-1873) English philosopher, political economist, and Member of Parliament. A major figure in liberal thought and also contributed to utilitarianism, emphasizing the quality of happiness.
Josiah Wedgwood: (1730-1795) English potter and entrepreneur. Revolutionized pottery production through innovation and business practices, considered an early example of a purpose-driven business.
Henry Austen: (1771-1850) Brother of the novelist Jane Austen. Established a bank in Hampshire and London that issued its own banknotes, illustrating the banking practices of the time.
Justin Trudeau: (1971-present) Current Prime Minister of Canada. In 2020, he sought advice from Mark Carney on the COVID-19 economic recovery, and in 2024, appointed Carney as a special advisor.
Stephen Harper: (1959-present) Former Prime Minister of Canada. In February 2025, Mark Carney stated that Harper had previously asked him to be finance minister. In March 2025, Harper publicly criticized Carney's potential role during the 2008 financial crisis and his potential future policies.
George Osborne: (1971-present) Former Chancellor of the Exchequer of the United Kingdom. Was involved in the appointment of Mark Carney as Governor of the Bank of England.
Andrew Bailey: (1959-present) Current Governor of the Bank of England, succeeding Mark Carney in March 2020.
David Dodge: (1943-present) Former Governor of the Bank of Canada, Mark Carney's predecessor.
Tiff Macklem: (1961-present) Current Governor of the Bank of Canada, Mark Carney's successor.
William Russell: Lord Mayor of London at the end of Mark Carney's tenure as Governor of the Bank of England, a friend of Carney interested in sustainable finance.
Milton Friedman: (1912-2006) American economist who advocated for free markets and is known for the shareholder primacy theory.
Hyman Minsky: (1919-1996) American economist whose theories on financial instability and the cyclical nature of debt and speculation have gained prominence, particularly after the 2008 financial crisis.
Mario Draghi: (1947-present) Former President of the European Central Bank, referenced in the context of sovereignty in a globalized world.
Emmanuel Faber: Former CEO of Danone, who spearheaded the company's move towards a purpose-driven model, explicitly contrasting it with Milton Friedman's doctrine.
FAQ
Mark Carney: Ideas on Economy, Finance, and Value
Frequently Asked Questions about Mark Carney and His Ideas
1. What were Mark Carney's key roles in central banking, and what major events did he navigate during these tenures?
Mark Carney served as the Governor of the Bank of Canada (2008-2013) and subsequently as the Governor of the Bank of England (2013-2020), making him the only person to have led central banks in two G7 economies. During his time at the Bank of Canada, he notably navigated the global financial crisis of 2008, for which some credit him with helping Canada avoid the worst impacts, while others, like former Prime Minister Harper, suggest his role was overstated. As Governor of the Bank of England, he dealt with the aftermath of the Eurozone crisis and, significantly, the economic uncertainties surrounding Brexit. His tenure at both institutions involved implementing monetary policy, ensuring financial stability, and engaging in international regulatory efforts.
2. Beyond central banking, what are Mark Carney's more recent roles and involvements?
Since leaving the Bank of England, Carney has taken on several prominent roles. He joined Brookfield Asset Management in 2020 to lead their expansion into environmental, social, and governance (ESG) focused funds, although he later faced some criticism regarding the firm's net-zero claims. He has also been involved in global initiatives related to climate finance, including serving as the UN Special Envoy on Climate Action and Finance and as a Finance Adviser for COP26. In Canadian politics, he joined the Liberal Party as a special advisor in 2024, leading a task force advising Prime Minister Trudeau on economic issues. He has also served on the board of directors for the digital payments company Stripe and as a member of the World Economic Forum's leadership team.
3. What are Mark Carney's views on economics, particularly concerning wealth inequality and monetary policy?
Carney has expressed concerns about wealth inequality and the "moral to market" sentiments that can exacerbate it. He emphasizes the importance of considering social and ethical contexts in economic decision-making, drawing on the broader insights of Adam Smith beyond a purely laissez-faire interpretation. Regarding monetary policy, his actions as governor reflected a commitment to inflation targets while also considering broader economic stability, including risks related to housing markets. He has also highlighted the evolving nature of money and the need for central banks to adapt to innovations like digital currencies while maintaining fundamental values of trust and stability.
4. What is Carney's perspective on environmentalism and climate change, and how does he believe the financial sector should respond?
Environmentalism, particularly the challenge of climate change, has become a central theme in Carney's post-governorship work. He argues that climate change presents significant financial risks and opportunities and advocates for a fundamental shift in how the financial sector operates. He calls for greater transparency and disclosure of climate-related risks, the development of a global carbon offset market, and the alignment of financial flows with net-zero emissions targets. He believes financial institutions have a crucial role in assessing companies' transition plans and supporting the shift towards a more sustainable economy through values-based investing.
5. How does Carney define "value" in an economic and societal context, drawing from historical perspectives?
Carney's book "Values" explores the historical evolution of the concept of value, from ancient philosophers and canonists to mercantilists and classical economists. He highlights the shift from moral and intrinsic notions of value to more market-based and utility-driven perspectives. He emphasizes that while markets are driven by self-interest, they exist within a social order and must have public value, echoing Adam Smith's broader philosophy. Carney argues against a purely financial definition of value, advocating for a broader understanding that incorporates ethical considerations, stakeholder interests, and the long-term well-being of society and the planet.
6. What are Carney's core arguments regarding the purpose of companies and the concept of "values-based leadership"?
Carney contends that the sole focus on maximizing shareholder value, as popularized by Milton Friedman, is insufficient and can erode the ethical foundations of markets. He advocates for a stakeholder approach where companies consider the interests of employees, customers, communities, and the environment alongside shareholders. He highlights the importance of a clearly defined corporate purpose that goes beyond profit, arguing that purpose-driven companies foster better internal culture, stronger customer relationships, and a greater social license to operate. Values-based leadership, in this context, involves making decisions aligned with these broader societal values and recognizing the interconnectedness of economic activity and social well-being.
7. What are Carney's views on the evolution of money, and how does he assess current innovations like cryptocurrencies and central bank digital currencies (CBDCs)?
Carney traces the history of money, emphasizing the importance of trust, stability, and the role of institutions in maintaining monetary value. He acknowledges the ongoing innovation in payment systems but expresses skepticism about cryptocurrencies becoming the future of money due to their volatility and other limitations. He sees potential in stablecoins and central bank digital currencies (CBDCs) but also raises important questions about their design, governance, privacy implications, and the potential impact on the traditional banking sector. He believes that any successful monetary innovation must uphold the core functions and fundamental values that underpin sound money.
8. Based on the sources, what appears to be Mark Carney's overarching vision for a better economic and financial system?
Carney's overarching vision appears to be one where economic and financial systems are more resilient, responsible, and aligned with broader societal values and the long-term health of the planet. He advocates for a move away from a purely short-term, profit-driven model towards one that recognizes the interconnectedness of economic, social, and environmental factors. He emphasizes the need for ethical considerations in market behavior, the importance of corporate purpose beyond shareholder value, and the crucial role of public institutions in ensuring financial stability and addressing global challenges like climate change. His vision calls for a renewal of trust in markets and a broadening of our understanding of value to encompass human well-being and sustainability.
Table of Contents with Timestamps
Contents: Values, Markets, Society, and a Changing World
00:00 - 00:42 | Introduction
The hosts welcome listeners to their Deep Dive series and introduce today's topic: examining how society thinks about value, especially in our economy, using Mark Carney's Reith lectures and book as source material.
00:42 - 01:37 | Shifting Values in Society
Discussion of the major shift from valuing intrinsic human worth to emphasizing financial worth, and how market thinking has expanded into more areas of life.
01:37 - 03:13 | Market Fundamentalism and Crisis
Exploration of the "three lies of finance" that contributed to the 2008 global crisis and the connection between financial and climate crises as valuation problems.
03:13 - 05:12 | Economic Theories of Value
Comparison of objective theories (from Aristotle, Smith, and Marx) that tie value to production with subjective theories from neoclassical economists that focus on market price.
05:12 - 06:56 | Adam Smith's Dual Legacy
Analysis of Adam Smith's complete economic philosophy, examining both The Wealth of Nations and Theory of Moral Sentiments to show value wasn't just about price.
06:56 - 08:41 | Non-Market Values and Money
Discussion of the challenges in valuing health, freedom, and environment in policy, followed by an explanation of money's role as both measure and medium of exchange.
08:41 - 10:22 | Gold Standard and Historical Context
Historical overview of money backed by gold and the tensions that emerged between gold convertibility and financial system needs.
10:22 - 11:15 | Institutional Evolution
Examination of the Magna Carta and Bank of England as examples of how institutions reflect changing ideas about value and government's economic role.
11:15 - 13:01 | Technology and Future of Money
Exploration of how digital technologies and financial innovation are transforming transactions, with perspectives on cryptocurrencies as assets rather than everyday currency.
13:01 - 14:11 | Economics as Moral Science
Discussion of inclusive capitalism and the view that economics is a moral science built on ethical philosophies, not separate from values.
14:11 - 15:44 | Social Contract Under Pressure
Analysis of shifting balance between government and markets, rising inequality, and weakening social bonds through technological change and globalization.
15:44 - 17:17 | Financial Crisis Breakdown
Detailed examination of 2008 financial crisis causes, including reckless banking practices, shadow banking expansion, and the limits of market self-regulation.
17:17 - 19:08 | Pandemic Response and Values
Analysis of COVID-19 as a test of values in action, highlighting the tension between economic damage and public health, and the importance of resilience and government action.
19:08 - 20:54 | Climate Crisis as Value Challenge
Discussion of climate change as a valuation crisis requiring emissions reduction, carbon pricing, and financial sector support for transition to zero-carbon economy.
20:54 - 22:28 | Values-Driven Leadership
Exploration of leadership qualities needed in rapid change, emphasizing service orientation, purpose, transparency, and earning social license to operate.
22:28 - 24:42 | Corporate Purpose Beyond Profit
Discussion of shifting corporate focus toward stakeholder value and responsibility, ESG investing, and the importance of transparent reporting on purpose and performance.
24:42 - 27:32 | Fourth Industrial Revolution and Values
Examination of technological disruption, workforce transformation, and strategies for building resilience through values of fairness, responsibility, sustainability, and humility.
Index with Timestamps
Adam Smith, 06:40, 06:56, 07:24
ABCP (Asset-Backed Commercial Paper), 14:54
Amazon (company), 03:54, 04:00, 06:18, 06:26
Amazon rainforest, 04:00, 06:18, 06:26
Aristotle, 05:30, 05:38, 05:42
Bank of England, 10:26, 10:34
Bank runs, 14:44
Bartering, 08:24
Biodiversity, 04:17
Bullionist debate, 09:00
Canadian values, 23:19
Canonists, 06:28, 06:32
Carbon capture, 19:42
Carbon emissions, 18:36
Carbon pricing, 19:04, 19:11, 19:15, 20:00, 25:14
Central banks, 08:33, 09:21, 10:47, 20:37
Climate crisis, 03:39, 04:34, 18:17, 19:54, 22:41, 25:03
Climate refugees, 18:49
Commodities, 02:10
Corporate purpose, 21:16
Cost-benefit analysis, 08:00
COVID-19 crisis, 11:20, 16:54, 23:39
Cryptocurrencies, 11:44, 11:51
Deep Dive, 00:00, 26:22
Digital gold, 11:56
Economics as moral science, 13:07
ESG (Environmental, Social, Governance), 21:55, 22:06, 22:16
Financial Stability Board (FSB), 16:10
FinTech, 11:31
Fourth industrial revolution, 23:02, 23:15, 23:39
Fractional reserve banking, 09:14
G20, 15:35
Global Health Security Index, 17:18
Gold standard, 08:55, 09:00, 09:35
Greenspan, Alan, 15:37
Humility, 25:32, 25:41, 26:04, 26:16
Impact investing, 22:25
Inclusive capitalism, 12:55
Indigenous communities, 25:03
Inequality, 13:44, 18:49
Intrinsic human worth, 01:04
Justice, 05:42
Knowledge problem, 07:52
Labor theory of value, 07:25
Law of comparative advantage, 26:15
Lehman Brothers, 15:16
Lockdowns, 17:39, 23:46
Macroprudential policies, 16:32
Magna Carta, 09:42, 09:49, 10:13
Market fundamentalism, 02:35, 04:59, 15:31, 26:40
Market society, 02:35
Marx, Karl, 05:30, 07:31
Money, 08:20, 08:24, 08:33, 08:42, 10:47, 11:15, 11:20
Net zero emissions, 18:24, 19:36, 22:41, 25:14
Neoclassical economists, 05:53
Northern Rock, 14:44
Objective theories of value, 05:20, 05:30
Originate-to-distribute model, 14:52
Physiocrats, 06:38
Principal agent theory, 21:41
Public policy, 07:43
Reith lectures, 00:26
Resilience, 17:01, 24:46, 25:21
Ricardo, David, 07:25
Senior managers regime, 24:35
Shadow banking, 14:54, 16:22
Smith, Adam, 05:30, 06:40, 06:56, 07:24
Social capital, 03:18, 04:59, 05:11, 24:01, 24:39
Social contract, 13:33, 13:39, 14:01
Social license to operate, 21:10
Solidarity, 17:07, 25:21
Stakeholders, 21:16
Stranded assets, 18:44, 19:23
Subjective theories of value, 05:20, 05:53
Surplus value, 07:33
Sustainability, 25:21
Three lies of finance, 02:51
Too big to fail, 03:22, 24:46
Tragedy of the commons, 19:04
Tragedy of the horizon, 18:54
Trust, 03:30, 08:46, 10:47, 20:27, 24:40
Value of statistical life (VSL), 08:00
Washington consensus, 15:31
Wedgwood, Josiah, 21:27
Zero-carbon economy, 04:43, 19:36, 22:37, 25:14
Poll
Post-Episode Fact Check
Claim: There's been a shift from "economies that use markets" to "societies that are defined by markets" ✓ VERIFIED: This is a central thesis in Carney's work, arguing that market values have expanded beyond economic spheres into social relationships.
Claim: The "three lies of finance" contributed to the 2008 financial crisis ✓ VERIFIED: Carney identifies these three lies in his work: "This time is different," "Markets are always right," and "Markets are moral."
Claim: Amazon (company) has enormous market value while the Amazon rainforest is only valued when destroyed✓ VERIFIED: This comparison is made in Carney's work to illustrate how market prices fail to capture ecological value.
Claim: Aristotle, Adam Smith, and Karl Marx promoted objective theories of value ⚠️ PARTIALLY ACCURATE: While they did focus on production costs (including labor), categorizing them together oversimplifies their distinct approaches. Marx is correctly associated with labor theory of value, but Smith's theory was more nuanced.
Claim: Northern Rock collapse was a classic example of a bank run ✓ VERIFIED: Northern Rock's 2007 collapse involved a bank run triggered by liquidity issues, as described in the podcast.
Claim: The Global Health Security Index failed to predict country performance during COVID-19 ✓ VERIFIED: Countries ranking high on the index often performed poorly during the pandemic, highlighting the importance of social trust and leadership.
Claim: Josiah Wedgwood is cited as a historical example of purpose-driven business ✓ VERIFIED: Wedgwood is indeed referenced as an early example of a purpose-driven business leader in Carney's work.
Claim: Bank of England was formed without clearly defined objectives ✓ VERIFIED: The Bank of England's early history lacked clearly defined objectives, contributing to inflation and financial instability.
Claim: The fourth industrial revolution is transforming jobs and the workforce ✓ VERIFIED: The podcast accurately describes the expected impacts of AI, robotics, and other technologies on employment and skill needs.
Image (3000 x 3000 pixels)
Mind Map
Core Concepts
The central node "Values, Markets & Society" connects to major themes discussed in the podcast
The connections use different thicknesses to represent the strength of relationships between concepts
Key Topic Clusters
Market Fundamentalism (purple):
Market Society vs. Social Market
Three Lies of Finance
Social Capital Erosion
Financial Crisis (orange):
2008 Crisis Causes
Shadow Banking
Bailouts & Reforms
Climate Crisis (blue):
Net Zero Transition
Carbon Pricing
Stranded Assets
Theories of Value (gray):
Objective vs. Subjective Value
Adam Smith's Views
Non-Market Values
Money & Banking (gold):
Bank of England History
Future of Money
Leadership & Purpose (green):
Values-Driven Leadership
Corporate Purpose & ESG
Fourth Industrial Revolution (salmon):
Future of Work
AI & Technology Impact
Institutional Values (light blue):
Social Contract
Economic Thought (green):
Historical Economists
The map shows how these concepts interrelate, with cross-connections between clusters illustrating how topics like the financial crisis, climate crisis, and market fundamentalism are deeply interconnected. The varying sizes of nodes represent the relative emphasis each topic received in the podcast discussion.
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3D Interactive Force Model
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