Capital gains is not investing. If you buy a stock at 1$ and sell it at 100$ exactly 0 things got produced.
That is the basis of the current financial problem:
Lots and lots of money is sloshing around (so much that we have negative interest), but the banks aren't doing with it what is wanted: Loan it to companies - so that they invest.
In fact companies are doing the opposite since 2008 - they aren't investing but instead lowering their loan amounts.
And states are trying to do the same.
So if the privates only put money in speculating (stocks and derivatives etc.), than we have the situation that all 3 sectors are trying to decrease investments. No wonder the economy does not work!
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The price of the stock got produced. And a company got funded in the process.
Yes. The emission is investment. Everything after speculation. You can buy the stocks ten times and no cent goes to the company (How many times the GDP of the earth is traded daily on the stock exchanges?)
It goes to the people who work for the company who need liquidity to sell their stock.
Ah, I see. Getting stocks instead of money is something that is quite unique to the US.
Still, since the stocks are created just for that, it is an emission.
(The worker has invested her time into the company.)
But the people who buy the stocks from the workers are speculators. And no cent of their money goes to the company.
It allows the company to pay workers in stock in the first place. If no one speculated then stocks would have no market value.