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Financial Markets: Lecture 24 Transcript
Professor Robert Shiller: This is, as I said, my last lecture for this course and Im entitling this lecture, The Democratization of Finance. I wanted to save this to the end because its really about looking at the broad purpose of our financial markets and our financial institutions. Ultimately, theres only one purpose to all of this and thats human welfare. Its people. This should be obvious, but lets not forget that corporations exist only for the benefit of people. Normally, we say for their owners, but we could also add other stakeholders. But, its people--individual people--that matter only, unless you want to add animals. We have non-profits that are aimed at animal welfare as well, so well include them.
Ive made it a theme of my recent books that finance is a powerful tool for improving human welfare and in my latest two books I emphasize what I call the democratization of finance. Maybe I should write this down because its a term that I like to use--democratization of finance--or you could say for short, financial democracy, but I mean something a little different. In the 1930s, people talked about financial democracy as the shareholders voting for the direction of a corporation. I dont mean it--by that--by democratization of finance I mean bringing it to the people. Theres been a long trend towards democratization of finance that goes back centuries; that is, originally financial techniques were a value only to the very rich or the very sophisticated. In 1780, the President of Harvard College had his paycheck--I think it was President Lamont--indexed to inflation. [Correction: It was President Samuel Langdon.] Ive been trying to figure out if anyone else in the world had ever had a CPI indexed labor contract and Ive not been able to discover any other example. That was 1780. So, there was one person in the world who had an inflation index employment contract. Funny, who was it? It was the President of Harvard, so n
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