This concluding chapter sums up the argument of the book and considers contending views on stock exchanges as an independent variable where economic growth, financial contagion, and democracy in the semi-periphery and periphery of the world system become the dependent variable. It compares emerging stock markets and the price mechanism in corporate governance with developed markets in the core of the world economy. Finally, it considers the future of stock markets in broader processes of financial globalization.
Keywords: emerging stock markets, developed stock markets, globalization, price mechanism, corporate governance,