Doug called for the gradual elimination of the stock market in his book "Wall Street", but I have a problem with this recommendation.
Consider the venture capitalists founding a startup company. Having a stock market where he can "cash out" means that, once he's successfully started a company, he can recover his capital, and go on to start up other companies. Without a stock market, his capital would remain tied up in illiquid form in the original company, and the economy as a whole would be deprived of his talents as a starter-upper.
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