France had the first one back in the 12th century. In 1980, less than 60 existed worldwide. But since then, the number had doubled.
Stock markets, once a way to manage debt and create capital for companies, have seemingly become a status symbol for some nations, or are used as a means for countries to access international funds for development.
But Michael Lounsbury, in the University of Alberta's School of Business, argues that the global rush to develop modern financial institutions-including stock markets-has had a huge downside.