 A sweeping criticism of a more contemporary nature concerns the supposed moral defects of speculation. This criticism tends to be directed towards financial activities that go beyond mere lending. Critics of the capitalist system often liken the stock market to a casino and investors to gamblers or punters (Sinn 2010, Strange 1986). More moderate critics insist on a strict distinction between investors or shareholders, on the one hand, and speculators or gamblers, on the other (Bogle 2012, Sorell &amp; Hendry 1994). In any case, the underlying assumption is that the similarities between modern financial activities and gambling are morally troublesome.