Lets say freedom spread like wildfire…and we started getting rid of government on all levels…free society…
would wall street still exist?
Gordon Geckko wants to know
At some point it probably would exist.
I would say no. Not nearly to the extent is does today. If it did, it would only be temporary, because there would be no govt to perpetuate it.
Yes, of course it would. The valuation of capital is extremely essential to any functional economic system. It wouldn’t be nearly as lucrative as it is now, but that’s another matter altogether.
I agree. I believe the question needs re-phrased due to the tacit assumptions it makes in its current form.
You can’t know what street names people will use in the future.
Would “Wall Street” exist… Probably. But I have a feeling that trading stocks, bonds, etc. would be much more decentralized in a free society.
Can you guys elaborate on why Wall Street would be reduced or eliminated in a free society?
“You can’t know what street names people will use in the future.”
lol…+1
Mises considered the stock market to be the key difference between a socialist and a market economy.
It is true that the modern stock market is artificially constrained by the State, and channeled into Wall Street investment firms.
“Can you guys elaborate on why Wall Street would be reduced or eliminated in a free society?”
It could be reduced because people compete and provide other places to trade investments. Or people don’t use a centralized place for trading investments.
“Wall street” originated in the freest market of its time, hence sure it would axist, and indeed grow, under anarchy.
We’ve never had a free market in the u.s.
We may not have streets! Wall Hoverblock here we come! WallPlanet!
I am not convinced that stock markets would be less centralized. Especially given our continued improved ability to communicate. I do however not expect it to be centrally managed, from a single beuracratic entity. It may function more like organizations such as IETF, or IEEE.
What exactly do you mean by “Wall Street”? I’d say that stock trading would surely exist in a free society, although it might be different in some ways from how it is today.