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Making Money Moral
How a New Wave of Visionaries Is Linking Purpose and Profit
by Judith Rodin and Saadia Madsbjerg
Published by: University of Pennsylvania Press, Inc.
Imprint: Wharton School Press
182 Pages
- Web PDF
- 9781613631096
- Published: February 2021
"As we look ahead to the recovery from the COVID-19 crisis, Making Money Moral could not come at a better time."
—Jamie Dimon, Chairman and Chief Executive Officer, JPMorgan Chase
The math doesn't add up: Global financial markets can no longer ignore the world's most critical problems. The risks are too high and the costs too great.
In Making Money Moral: How a New Wave of Visionaries Is Linking Purpose and Profit, authors Judith Rodin and Saadia Madsbjerg explore a burgeoning movement of bold and ambitious innovators. These trailblazers are unlocking private-sector investments in new ways to solve global problems, from environmental challenges to social issues such as poverty and inequality. They are earning great returns and reimagining capitalism in the process.
Pioneers in the field of sustainable and impact investing, Rodin and Madsbjerg offer first-hand stories of how investors of every type and in every asset class are investing in world-changing solutions—with great success. Meet the visionaries who are leading this movement:The investment managers putting trillions of dollars to work, like TPG, Wellington Management, State Street Global Advisors, Nuveen, Amundi, APG and Natixis;The asset owners driving the transition, like GPIF and PensionDanmark;A new generation of entrepreneurs benefiting from the investments, like DreamBox Learning, an innovative educational technology platform, and Goodlife Pharmacies, which is disrupting the traditional notion of a pharmacy; The corporations that are repurposing their business models to meet demand for sustainable products and services, like Ørsted; andThe nonprofits that are reimagining how to raise money for their work while creating significant value for investors, like The Nature Conservancy.
In their book, Rodin and Madsbjerg offer a deep look at the most powerful tools available today—and how they can be unlocked. They reveal:Who the investors are and what they want;How innovative products and investment strategies can deliver long-term value for investors while improving lives and protecting ecosystems;How leaders can build strategies and prepare their organizations to enter and expand this dynamic market; andHow to measure impact, understand critical regulations, and avoid potential pitfalls.A roadmap to making the financial market a force for good, Making Money Moral is a must-read for those seeking private-sector capital to address a big problem, as well as those seeking both to mitigate risk and to invest in big solutions.
"Judith Rodin and Saadia Madsbjerg identify an important new way of looking at money: from the root of all evil to the fount of all solutions. Their timely, important book on impact investing is full of powerful insights and compelling examples they've seen firsthand. Their work will be sure to accelerate momentum toward a more sustainable world."
—Rosabeth Moss Kanter, Harvard Business School Professor and Author of Think Outside the Building: How Advanced Leaders Can Change the World One Smart Innovation at a Time
Judith Rodin, coauthor of Making Money Moral, is a pioneer, innovator, change-maker, and global thought-leader. For over two decades, Dr. Rodin led and transformed two global institutions: The University of Pennsylvania and The Rockefeller Foundation. Her leadership at Rockefeller ushered in a new era of strategic philanthropy that emphasized large-scale partnerships with business and government to address and solve for the complex challenges of the 21st century, and championed two new fields that are at the forefront of current thinking: resilience and impact investing. Dr. Rodin has served as a board member of nine leading public companies, including Citigroup, Comcast and Aetna, as well as numerous venture-capital backed startups, and nonprofits including The Brookings Institution. She has been the recipient of 19 honorary doctorate degrees, numerous prestigious honors, and is a sought-after speaker for influential global forums including The World Economic Forum, the United Nations General Assembly and the Vatican Global Forum. Dr. Rodin has authored more than 200 academic articles and chapters, and has written or co-written 15 books, including The Resilience Dividend: Being Strong in a World Where Things Go Wrong. Saadia Madsbjerg, coauthor of Making Money Moral, is a global leader in the field of sustainable and impact investing. She is a former Managing Director of The Rockefeller Foundation. She led the foundation's financial innovation program to seed-fund the development and launch of new financial instruments and partnerships designed to channel money from the capital markets toward sustainable development. She is a recognized thought leader who has served as an advisor on committees such as the Government of Canada's Privy Council Office Impact Canada Initiative Advisory Committee and the World Economic Forum's Global Future Council on Infrastructure. She has shared her learnings at influential conferences and through leading publications, including Harvard Business Review, Foreign Affairs, and The Financial Times. She holds a Master of Science in Applied Economics and Finance and a Bachelor of Science in International Business from Copenhagen Business School.
"Judith Rodin and Saadia Madsbjerg identify an important new way of looking at money: from the root of all evil to the fount of all solutions. Their timely, important book on impact investing is full of powerful insights and compelling examples they've seen firsthand. Their work will be sure to accelerate momentum toward a more sustainable world." ~Rosabeth Moss Kanter, Harvard Business School Professor and Author of Think Outside the Building: How Advanced Leaders Can Change the World One Smart Innovation at a Time
"As we look ahead to the recovery from the COVID-19 crisis, Making Money Moral could not come at a better time. Rodin and Madsbjerg make a compelling case, through well-researched analysis, that, in rebuilding our economies, healthy growth along with sustainable and impact investing will be critical for the future of our planet, its people, and our economic system. Making Money Moral challenges those of us in the investment community to help to lead the way." ~Jamie Dimon, Chairman and Chief Executive Officer, JPMorgan Chase
"Anyone who wants to understand the link between capital markets and progress towards a more sustainable, peaceful, and prosperous world should put this book at the top of their reading list. Through real-life examples and in-depth conversations with experts, Making Money Moral demonstrates the power of bringing together the world of finance and the world of impact." ~Jeff Skoll, Founder and Chairman, Skoll Foundation, Co-Founder, The Rise Fund
"This book is packed with powerful ideas, insightful analysis, and inspiring stories. In Making Money Moral, Rodin and Madsbjerg, who helped accelerate the growth of this field with their groundbreaking work at the Rockefeller Foundation, make the compelling argument that when capital markets shift their priorities and adopt more responsible, sustainable approaches to making a profit, they can become a tremendous force for good. It will be required reading for all business students seeking a critical lens on the field, including an outstanding chapter on impact measurement." ~Laura Arrillaga-Andreessen, Founder and Chair, Stanford Center on Philanthropy and Civil Society, Silicon Valley Social Venture Fund; Author, Giving 2.0
"Making Money Moral is an essential read for those who want to make capitalism work for everyone—not just a few. This is an issue that looms larger than ever as we come out of the current public health and financial crisis that highlighted long standing economic inequities. Through engaging stories and insightful analysis, Rodin and Madsbjerg offer an inspiring look at the partnerships and financial innovations reshaping capital markets in the twenty-first century. They show us how business leaders, nonprofit leaders, and investors can promote a thriving economy while also expanding opportunities for all." ~Helene D. Gayle, MD, MPH, President & CEO for The Chicago Community Trust; Board Member, Colgate Palmolive, The Coca Cola Company, and Go Health
"At a time when capitalism is facing a profound crisis of legitimacy, Making Money Moral shows us how we can make capitalism more inclusive. Through lively, readable prose, using the latest research and expert interviews, the authors analyze how a sustainable and impact investment approach can enhance profitability and better serve society. They show us that the companies doing most to improve lives and protect the planet are poised to become tomorrow's most valuable businesses. This book is a critical read for asset owners and investment managers alike." ~Lady Lynn Forester de Rothschild, Founder and CEO of the Coalition for Inclusive Capitalism; Founding and Managing Partner, Inclusive Capital Partners
"Making Money Moral could not be more timely. It will quickly become the go-to manual for anyone who wants to learn about impact investing, including those already in the field who are watching it explode, from two authors who were there from the beginning." ~Anne-Marie Slaughter, CEO, New America
"In this rigorously researched and well-written book, Rodin and Madsbjerg tackle a vital subject: the role of financial markets in progress toward a better world. By tracking the growth of sustainable and impact investing and the potential it offers for meeting the sustainable development goals, the authors offer a view of the future of capitalism that is both realistic and hopeful." ~Peter Blair Henry, W. R. Berkley Professor of Economics and Finance; Dean Emeritus, New York University Leonard N. Stern School of Business
"In Making Money Moral, Rodin and Madsbjerg describe investment strategies to increase environmental sustainability and ameliorate social challenges while also succeeding financially. This book provides an essential guide for business school students who want to understand this growing field. At once engaging and rigorous, this book provides critically important guidance for those in finance, business, government, and the nonprofit sector who seek to grow and strengthen the practice of sustainable and impact investing. The authors' emphasis on identifying and analyzing the critical partnerships in this ecosystem is first-rate." ~Katherine Klein, Edward H. Bowman Professor, Professor of Management; Vice Dean and Director, Wharton Social Impact Initiative, The Wharton School
"If you're an entrepreneur looking to tap the $30 trillion market for impact and sustainable investment capital, Making Money Moral is an essential read. I watched first-hand how Rodin and Madsbjerg helped transform impact investing from a small, socially focused asset class to its prominence in the financial markets in every asset class. The book does an outstanding job in identifying who is moving the markets today and what it takes to succeed to create both purpose and profit. There is critical information for asset owners, advisors, and money managers alike, and for nonprofit and business leaders who want to think more boldly about their role in this new world." ~Strive Masiyiwa, Founder and Group Executive Chairman, Econet Group
"Making Money Moral is a revelation for any firm looking to help investors take innovative paths toward growth. Rodin and Madsbjerg are the go-to experts to help guide an understanding of the concepts of sustainable and impact investing. Making Money Moral is a must-read for anyone looking to use new financial tools to build a better future." ~John Haley, CEO, Willis Towers Watson
"We created The Rise Fund at TPG to finance cutting edge companies that have innovative, high impact solutions to social and environmental problems. Rodin and Madsbjerg show how these and other types of capital investments, in every asset class, can have transformative effects. Their book makes an essential contribution at this moment when reassessing the role of private capital is so high on the global agenda. Their critical review of the state of the field, their analysis of approaches to impact measurement and their understanding of what it takes to most effectively link purpose and profit makes this book a must-read for all who want to understand this exploding field." ~Jon Winkelried, Co-Chief Executive Officer, TPG