Socially Responsible Investment after the Financial Crisis: Will SRI-Banking Win the Day in Germany?

Abstract

This essay argues that during and after the financial crisis of 2008/2009, fundamental questions about the purpose of financial institutions in society were left unanswered. The essay begins with clarifying its understanding of the financial crisis and the ignored issue of the societal role of banks. It then proceeds to introduce the German banking industry, followed by a section explaining SRI and alternative banking which are illustrated by GLS Gemeinschaftsbank and Commerzbank. Since the essay regards banks as socially embedded in society, its analysis is illustrated by the interests of a financial citizen in Germany.