Impact of Financial Markets on Social Welfare --- This course aims to provide a broad understanding of social costs and benefits of financial markets. The course begins with core benefits of financial markets, such as optimal risk-sharing, liquidity and amp; maturity transformation, and resource allocation. This is followed by conceptual frameworks of market failures and costs borne by the society as a result. Topics include racial and gender disparity in access to finance, fraud in consumer financial markets, costs of bank failures, financial advisor misconduct, and costs and benefits of financial engineering. The course is case-based and targeted at students who wish to acquire a deeper understanding of why and when do markets fail and what can be done to correct these failures.