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Prudence and Ambition

How banks work and why their governance needs to change

By: Harrison Young

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Paperback | 26 May 2026

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Paperback

Dimensions(cm)
594.36 x 388.62

Paperback

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Banks are a way of organising society. Their liabilities are money. They make wealth portable. They facilitate commerce. They do the work of markets where markets don't exist. No one much likes banks. We resent their power and wealth. They hold our mortgages and issue our credit cards. They know things about us. They can veto our plans. But we need them. Prosperity requires credit. The economy struggles if its banks are overcautious. When a bank fails, the public suffers.

But do we know enough about how they work?

In Prudence and Ambition, former director of the Commonwealth Bank of Australia, Harrison Young looks back on his long career to explain how banks work and why the Western bank governance model is no longer fit for purpose.

Taking us through key moments of a career that spans over four decades and twenty countries, Harrison explores different banking systems, their failures and successes, and offers his vision of the change needed to build banks for the future.

If you're not a banker, this book offers fascinating insight into how the world of finance operates. If you are a banker, or aspire to be a banker, this book will make you pause and reflect. Essential reading for anyone participating in the global economy.

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