By Reuven Brenner
Even supposing monetary markets usually try and distance themselves from playing, the 2 elements have way more in universal than often proposal. while, traditionally there have been no monetary associations akin to banks, lotteries constituted the methods in which dear goods have been disposed of, and governments raised funds fast. playing tables fulfilled roles that enterprise capital and banking do this present day. "Gamblers" created clearinghouses and sustained liquidity. while these gamblers guess on rate distributions in futures markets, they have been redefined as "speculators." at the present time they're known as "hedge fund managers" or "bankers." although the names have replaced, the activities undertaken have basically stayed an identical. This publication indicates how dialogue on "chance," "risk," "gambling," "insurance," and "speculation" illuminates the place societies stood, the place we're this present day, and the place we should be heading.
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Extra resources for A World of Chance: Betting on Religion, Games, Wall Street
The banks, insurance companies, and other financial institutions would have invested more in their own credit analyses, reexamining even those securities that Moody’s and Standard and Poor’s rated as triple A. P1: KXF/RZZ P2: KXF/KAA P3: KXF/... QC: 9780521884662c01 CUUS191/Brenner 978 0 521 88466 2 12 June 16, 2008 13:32 Reuven Brenner and Gabrielle A. Brenner As for LTCM, it was a hedge fund, with two Nobel Prize winners in economics on board, Myron Scholes and Robert Merton. S. Treasury–backed International Monetary Fund would continue to bail out countries to sustain political stability be assessed?
Old ideas often get rehashed, dressed in new jargons, and pass for evidence. The previous chapter examined the origins of some such ideas, which to this day pass for people’s moral beliefs, influencing debates about risk-taking in general and gambling in particular. This chapter discusses a wide range of innovative – and false – arguments still used today to condemn and outlaw people’s entertainment choices in general, and their gambling, and occasionally their drinking, in particular. Many of these ideas may strike readers first as strange, as ideas belonging to distant pasts, ideas that should have long ago been discarded.
A World of Chance: Betting on Religion, Games, Wall Street by Reuven Brenner