By Reuven Brenner
Even supposing monetary markets usually attempt to distance themselves from playing, the 2 components have way more in universal than often concept. while, traditionally there have been no monetary associations equivalent to banks, lotteries constituted the methods during which pricey goods have been disposed of, and governments raised funds speedy. playing tables fulfilled roles that enterprise capital and banking do this present day. "Gamblers" created clearinghouses and sustained liquidity. whilst these gamblers wager on expense distributions in futures markets, they have been redefined as "speculators." this present day they're referred to as "hedge fund managers" or "bankers." notwithstanding the names have replaced, the activities undertaken have basically stayed an analogous. This booklet indicates how dialogue on "chance," "risk," "gambling," "insurance," and "speculation" illuminates the place societies stood, the place we're at the present time, and the place we might be heading.
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Extra info for A World of Chance: Betting on Religion, Games, Wall Street
And contempt of all rule and authority, human and divine, do not reign so triumphantly among the poor in any other country . . And the reason for this . . 18 Observers saw the breakdown as directly linked to the rising population and to the movement from villages to cities, and to the resultant breakdown P1: KXF/SCY P2: KXF/KAA P3: KXF/KAA QC: 9780521884662c02 CUUS191/Brenner 978 0 521 88466 2 June 16, 2008 Anything Wrong with Gambling as a Pastime? 13:33 23 in the effectiveness of family and traditional institutions in enforcing discipline.
Nevertheless, what is useful to recall about this episode is that it turned into a nonevent, in the sense that neither the United States nor the world financial markets were destabilized by LTCM’s bankruptcy, and it is not clear to what extent even the intervention of the Federal Reserve was needed. After all, Warren Buffet even made an offer to buy LTCM in the midst of the upheaval and clean up the mess. The same conclusion holds true for consequences of the technology bubble and other bubbles.
What was hiding behind these concerns? Lord Edward Bulwer-Lytton (1803–73), a popular English novelist and politician, coined such phrases as “the great unwashed,” “pursuit of the almighty dollar,” and “the pen is mightier than the sword,” even if today his name is associated with bad writing. When commenting on the new laws England passed during the nineteenth century, his writing was clear and to the point. ” Close examination reveals that he was right. Let us take a look at the emergence and P1: KXF/SCY P2: KXF/KAA P3: KXF/KAA QC: 9780521884662c02 CUUS191/Brenner 978 0 521 88466 2 June 16, 2008 Anything Wrong with Gambling as a Pastime?
A World of Chance: Betting on Religion, Games, Wall Street by Reuven Brenner