Introduction: Just financial markets? Finance in a just society
The introductory chapter explains some basic mechanisms of financial markets and how they were traditionally justified by economic theory. It introduces some of the questions about financial markets that can be asked from a perspective of justice. Financial markets have often been treated as the prototype of well-functioning markets, but they deviate from textbook models in a number of ways: their products are legal artifices often at some distance from the real economy; their participants often do not carry the full risk of their behavior and instead of always tending toward an equilibrium they can develop destabilizing dynamics. The case for reform both from an economic perspective and from a perspective of justice is therefore strong. The introduction concludes by providing an overview of the chapters of the volume.