There is something like a global market in stock markets: capital trade gravitates to the "fittest" stock markets. And in the long term the fittest stock market

There is something like a global market in stock markets: capital trade gravitates to the "fittest" stock markets. And in the long term the fittest stock markets are without exceptions ones with transparency rules and rules protecting minority investors, where these rules are backed up by national laws that give these rules teeth. There's a reason for this: while in the short term dropping these rules gives flexibility, lower costs and the promise of new sources of profit, inevitably if unruly capital markets get big, small investors get screwed and a lot of investor wealth gets destroyed. We've seen this pattern a lot over the last two centuries. Simplistic free market ideology has a lot to answer for: successful markets need well-functioning institutions.