THE STOCK MARKET AND ITS ROLE IN CAPITALISM

Authors

DOI:

https://doi.org/10.37135/kai.03.08.06

Keywords:

Bolsa de valores, capitalismo, desarrollo económico, crisis económica, desarrollo empresarial

Abstract

The essay presents a theoretical and historical review of the foundations of capitalism and one of its most representative institutions, the stock market. The research problem is: are stock exchanges essential for capitalism? For this, the functionality of the stock exchanges in capitalism was analyzed, seen within the context of business development, economic development, and international economic crises. A bibliographic, historical-analytical and descriptive review was carried out to evaluate the benefits and dangers of its existence. It has been found that despite the obvious risks and economic crises that have arisen from the financial bubbles, in the long term, stock exchanges are important for the strengthening of economic systems as well as for the development of companies by generating increases in income. savings, investments, the number of jobs and, in general, the welfare of society.

Downloads

Download data is not yet available.

References

Bakshi, G., & Chen, Z. (1996). The Spirit of Capitalism and Stock-Market Prices. American Economic Review, 86(1), 133-157. http://www.jstor.org/stable/2118259

Bellanca, N. (2013). Capitalism. En L. Bruni, & B. Zamagni, Handbook on the Economics of Philanthropy, Reciprocity and Social Enterprise (págs. 59-68). Northampton, MA, USA: Edward Elgar Publishing. https://doi.org/10.4337/9781849804745.00013

Berg, M. (2006). Small Producer Capitalism in Eighteenth-Century England. Business History, 35(1), 17-39. https://doi.org/10.1080/00076799300000002

Botticelli, S. (2018). Dos concepciones liberales del Estado: Adam Smith y Friedrich Hayek. Praxis Filosófica (46), 61-87. https://doi.org/10.25100/pfilosofica.v0i46.6149

Boubakari, A. (2010). The Role of Stock Market Development in Economic Growth: Evidence from Some Euronext Countries. International Journal of Financial Research, 1(1), 14-22. https://doi.org/10.5430/ijfr.v1n1p14

Bulmer-Thomas, V. (2007). The Economic History of Latin America Since Independence. Cambridge, Great Britain: Cambridge University Press.

Cadena, J., Pinargote, H., & Solórzano, K. (2018). Mercado de valores y su contribición al crecimiento de la economía ecuatoriana. Revista Venezolana de Gerencia, 23(83), 563-574. https://www.redalyc.org/articulo.oa?id=29058775004

Carp, Lenuta. (2012). Can Stock Market Development Boost Economic Growth? Empirical Evidence from Emerging Markets in Central and Eastern Europe. Procedia Economics and Finance, 22, 438.444. https://doi.org/10.1016/S2212-5671(12)00177-3

Cavalcanti, T., Parente, S., & Zhao, R. (2007). Religion in macroeconomics: A quantitative analysis of Weber´s thesis. Economic Theory, 32(1), 105-123. https://doi.org/10.1007/s00199-006-0181-8

Chamorro, E. (2021). Discipline and capitalism in foucault´s genealogy of modernity (1973-1975). Revista de Estudios Sociales, 75, 2-14. https://doi.org/10.7440/res75.2021.02

Clulow, A., & Mostert, T. (2018). The Dutch and English East India Companies: Diplomacy, Trade and Violence in Early Modern Asia. Amsterdam, Países Bajos: Amsterdam University Press. https://doi.org/10.2307/j.ctv9hvqf2

Creamer, C. (1990). Perspectivas de financiamiento de la Industrial en el Ecuador. Quito, Ecuador: Instituto de Prácticas Bancarias y Financieras.

Forti, C., Yen-Tsang, C. & Peixoto, F. (2011). Stock market development: an analysis from a multilevel and multicountry perspective. Brazilian Adminsitration Review, 8(4), 351-375. https://doi.org/10.1590/s1807-76922011000400002

Gilchrist, S., & Zakrajsek, E. (2007). Investment and the Cost of Capital: New Evidence from the Corporate Bond Market. National Bureau of Economic Research. http://www.nber.org/papers/w13174

Gonzáles, J., & Nieto, J. (2016). El Mercado de Valores como fuente de financiamiento para las pequeñas y medianas empresas ecuatorianas. Revista Científica UISRAEL, 3, 35-55. https://doi.org/10.35290/rcui.v3n3.2016.4

Jahan, S., & Mahmud, A. S. (2015). What is Capitalism? Finance & Development, 52(2), 44-45. https://www.imf.org/external/pubs/ft/fandd/2015/06/basics.htm

Jones, A. (2019). Capitalism Views and Religion. Eastern Economic Journal, 3(1), 384-414. https://doi.org/10.1057/s41302-019-00138-3

Keynes, J. M. (1965 [1936]). The General Theory of Employment, Interest and Money. Harcourt, Brace & World.

Kirankabes, M., Basarir, C. (2012). Sotck Market Development and Economic Growth in Developing Countries: an Empirical Analysis for Turkey. International Research Journal of Finance and Economics, 87, 134-146.

Lazarov, D., Miteva-Kacarski, E., Nikoloski, K. (2016). An empirical analysis of stock market development and economic growth: the case of Macedona. South East Europena Journal of Economic and Business, 11(2), 71-81. https://doi.org/10.1515/jeb-2016-0012

Levine, R., & Zervos, S. (1996). Stock Market Development and Long-Run Growth. The World Bank Economic Review, 10(1), 323-339. https://www.jstor.org/stable/3990065

Naceur, S. and Ghazouani, S. (2007). Stock markets, banks, and economic growth: Empirical evidence from the MENA region. Research in International Business and Finance, 21(2), pp. 297-315. https://doi.org/10.1016/j.ribaf.2006.05.002

Naranjo Navas, C. P. (2017). Evolución de salarios reales en Ecuador durante la Gran Depresión, 1927-1937. Revista de Historia Económica/Journal of Iberian and Latin American Economic History, 36(2), 299-335. https://doi.org/10.1017/S0212610917000131

Naranjo Navas, C. P. (2020). Sustitución de Importaciones e Industrialización. Desde el siglo XX hasta al Socialismo del Siglo XXI, caso Ecuador. Páginas, 12(30). https://doi.org/10.35305/rp.v12i30.448

Nurudeen, A. (2009). Does Stock Market Development Raise Economic Growth Evidence from Nigeria. The Review of Finance and Banking, 1(1), 15-26. http://www.sciepub.com/reference/117033

Ortiz Chimbo, K., Campos Cabrera, E., Alvarado Márquez, M., & Alcívar Trejo, C. (2019). Análisis de las empresas famliares en Ecuador desde una óptica multivariante. Revista de Ciencias Sociales, 25(4), 1-27. https://www.redalyc.org/jatsRepo/280/28062322012/html/index.html

Oseni, I., Akpa, E. & Aberu, F. (2018). Does Stock Market impacto n the Gorwth of Nigerian Economy using 3SLS Analysis? Journal of the management Scientists, 2(1), 34-43. https://mpra.ub.uni-muenchen.de/92285/

Pan, L., & Mishra, V. (2018). Stock market development and economic growth: Empirical evidence from China. Economic Modelling, 68, 661-673. https://doi.org/10.1016/j.econmod.2017.07.005

Creamer, C. (1990). Perspectivas de financiamiento de la Industrial en el Ecuador. Quito, Ecuador: Instituto de Prácticas Bancarias y Financieras.

Cadena, J., Pinargote, H., & Solórzano, K. (2018). Mercado de valores y su contribición al crecimiento de la economía ecuatoriana. Revista Venezolana de Gerencia, 23(83), 563-574.

Gonzáles, J., & Nieto, J. (2016). El Mercado de Valores como fuente de financiamiento para las pequeñas y medianas empresas ecuatorianas. Revista Científica UISRAEL, 3, 35-55.

Ortiz Chimbo, K., Campos Cabrera, E., Alvarado Márquez, M., & Alcívar Trejo, C. (2019). Análisis de las empresas famliares en Ecuador desde una óptica multivariante. Revista de Ciencias Sociales, 25(4), 1-27.

Pineda, L. (2011). La crisis financiera de los Estados Unidos y la respuesta regulatoria internacional. Revista Aequitas, 1, 129-214. https://revistaaequitas.files.wordpress.com/2011/11/129-214.pdf

Plopeanu, A.-P. (2016). The Christian Spirit of Capitalism and the Protestant Reformation, between Structuralist Analysis and Historial Evidence. HSS, 5(3), 117-132. http://dx.doi.org/10.1515/hssr-2016-0026

Prebisch, R. (1986). Notas sobre el intercambio desde el punto de vista periférico. Revista de la CEPAL(28), 195-206. http://hdl.handle.net/11362/11914

Singer, H. (1950). The Distribution of Gains between Investing and Borrowing Countries. American Economic Review, 40(2), 473-485. http://www.jstor.org/stable/1818065

Smith, A. (1977 [1776]). An Inquiry into the Nature and Causes of the Wealth of Nations. Chicago, Estados Unidos: University of Chicago Press.

Tasmaganbetov, A., Bolatova, B., Agleshov, K., Tasmaganbetova, S., Yessengeldina, A., Zhanseitov, A. (2018). The influence of the stock market development of low income and middle/high income group countries on an increase in economic growth. Revista Espacios, 39(41), 17-29. https://www.revistaespacios.com/a18v39n41/18394117.html

Vargas, M. (2019). Myth and religion in Walter Benjamin´s interpretation of capitalist modernity. Ideas y Valores, 68(171), 123-136. https://doi.org/10.15446/ideasyvalores.v68n171.63863

Wolski, R. (2017). Risk and Return in the Real Estate, Bond, and Stock Markets. Real Estate Management and Valuation, 25(3), 15-22. https://doi.org/10.1515/remav-2017-0018

Published

2022-01-10

How to Cite

THE STOCK MARKET AND ITS ROLE IN CAPITALISM. (2022). Kairos: Journal of Economy, Law and Administrative Sciences, 5(8), 105-125. https://doi.org/10.37135/kai.03.08.06