I think you're a bit too cynical. The financial system isn't optimal, and the stock market is less important now than it used to be (because it's easier to rais

I think you're a bit too cynical. The financial system isn't optimal, and the stock market is less important now than it used to be (because it's easier to raise private capital), but it's not gambling. The rate of return is positive over pretty much any long-term horizon, and it allows companies to raise money when necessary. I agree that many companies engage in unproductive, but short-term profit maximizing behavior though.