During the Global Financial Crisis in 2008, our financial infrastructure failed.
Govern-ments bailed out the very institutions that let the economy down. This episode spurred a serious rethink of our financial system. Does it make any sense that it takes two days to settle a stock transaction? Why do retailers, operating on razor thin margins, have to pay 3% for every customer credit card swipe? Why does it take two days to transfer money from a bank account to a brokerage-or any other company? Why are savings rates miniscule or negative? Why is it so difficult for entrepreneurs to get financ-ing at traditional banks?
In DeFi and the Future of Finance, Campbell R. Harvey, Ashwin Ramachandran and Joey Santoro, introduce the new world of Decen-tralized Finance. The book argues that the current financial landscape is ripe for dis-ruption and we are seeing, in real time, the reinvention of finance.
The authors provide the reader with a clear assessment o
