This is a much too deep a question to adequately address in this medium. A better starting question might be: Do capital markets have a natural or a constructe

This is a much too deep a question to adequately address in this medium. A better starting question might be: Do capital markets have a natural or a constructed social utility? If their social utility is natural, then finding out what benefit they might have to society is a sort of empirical question. But if their utility is a purely political construction, then their perceived benefit can be moulded to fit a desired outcome.