Conclusion: Inclusive Institutions and the Future of Stock Markets
摘要
After the liberal-industrial capitalist era, financial markets became more inclusive, and the importance of fair trade increased. However, big corporations and elites benefited from free trade. In the aftermath of the 1929 crisis, market regulations were introduced, culminating in financial reforms that aimed to achieve stability and financial inclusion within the sector. During the neoliberal period, financial markets underwent a process of liberalization, leading to increased speculative trading. Nevertheless, legislative and regulatory measures were implemented to safeguard investors and consumers. This transformation has significantly impacted corporate governance, leading to increased financial instability and wealth inequality. History demonstrates that corporate success is not achieved through a single regulation but through constant struggle and multifaceted balancing. Inclusive institutions must continue to evolve. While predicting future trends in financial markets is challenging, there is a possibility that artificial intelligence and digital technologies could steer markets toward a negative direction dominated by state or corporate control.