7. Conclusion

This chapter concludes the book by exploring four central questions. First, do credit and finance schemes help or harm vulnerable people? The evidence is that finance and credit schemes can help vulnerable people, but because of people’s vulnerabilities and the need to consider how financial changes affect what people value, evidence must be strengthened to demonstrate these are effective means to improved human well-being. Next we look at the question of is consumer rationality amenable to healthy relations with a creditor or financier? The book concludes that behavioral insights are important, but these insights must be understood within a holistic view of human rationality that considers collective action, structural barriers, and long-term adaptations. However, regardless of participants’ views and knowledge, if they are vulnerable and relative to large financial service firms, an asymmetric relationship will exist. The next question is does the supply side of financialization promote healthy consumer financial behavior? The chapter argues that in the face of imperfectly competitive firms and vulnerable people, commercially delivered finance and credit can sometimes prove harmful to borrowers. Finally, the chapter examines the question of can the state step up to promote more healthy consumer and producer interaction with credit and finance. The state must understand the limited function of finances within the multifaceted needs of its citizens.