Free, unregulated financial markets serve the vital function of providing capital to the producers. Yet, through the ages, banking and other financial activities have been viewed as corrupt and exploitative. From the money-changers of the Middle Ages to the investment bankers of today, financiers have been crippled by the hostility of looters.

In this course, Dr. Yaron Brook defends these victims. He methodically describes how financiers serve a vital role in the economy. Using the stock market to illustrate this principle, Brook explains the important economic role of speculators, the harmony of interest between short-term and long-term investors, and the objective nature of stock prices. In addition, he defends hostile takeovers, leveraged buyouts, “junk” bonds and other financial innovations used extensively in the 1980s.

In the process, he delineates the philosophic ideas that make the attacks on financial markets possible. He defends the profit motive as the only moral and practical motive for financial transactions.

This course was recorded in 1996 at the summer Objectivist conference hosted by Second Renaissance Conferences.

The course outline can be found here.