A Moral Analysis of Speculation

This article analyzes the morality of speculation, in light of philosophical texts since antiquity. We aim at providing another approach for our current system. The moral determination of an act depends on the object, the circumstances, the intention and consequences. For this purpose, we study the causal links between need, price and speculation. For philosophers, the shortage, the gain by necessity, the utility of the good and the risk incurred morally justify speculation and the resulting profit. We show that, in practice, causes and consequences are often more and more reversed. The morality of the act is therefore in question. Disconnected from real economy, speculation becomes an end in itself and is potentially a source of systemic risk to the community.