Dekker Dreyer - Do We Need a Stock Exchange?
March 26, 2012 Occupy Wall Street is now back where the movement began, and there are even more society-shaping questions in the wild then last October. Since the housing market crash decimated our country we’ve been examining our economy from the grassroots level up to far-reaching government initiatives. We’ve seen widespread protests against dubious banks and the financial instruments which have allowed them to plunder the national wealth. But one elephant is still sitting in the middle of the room... no few have been questioning if the very logic of a stock exchange is unhealthy in the long run. Conventional wisdom says stock markets are the best way in history to generate wealth. Some maintain that this wealth does not get redistributed to the public in any significant manner. Arguments against stock markets include the cost of entry and the complexity of the rules governing transactions.
To understand the dysfunctions of the stock market, we must understand what a stock market is. As early as the 1600s the concept of shared corporate interest was cemented in modern Western civilization when the dutch offered ownership stakes in the Dutch East India Company. The basis for collective ownership, however, may have been introduced to Europe as early as the Bronze Age. Sharing risk and resources among many stakeholders is a natural infusion of the most primitive principles of human cooperation. The concept of a publicly participatory stock market, however, is a much more recent invention.
Read More:
http://www.nationofchange.org/do-we-need-stock-exchange-1332680909
