ENGLISH

A World of Chance: Betting on Religion, Games, Wall Street

By Aaron Brown , Reuven Brenner , Gabrielle A. Brenner

Book information

Year
2008
ISBN
0521884667, 9780521884662, 9780511424168
LCC
HB615 .B733 2008
Open Library ID
OL16365215M
Language
english
Format
PDF
Filesize
2 MB (1769144 bytes)
Edition
2
Pages
352\359
Topic
Religion
Time added
2011-06-04 13:46:07

Description

Although financial markets often try to distance themselves from gambling, the two factors have far more in common than usually thought. When, historically there were no financial institutions such as banks, lotteries constituted the ways by which expensive items were disposed of, and governments raised money quickly. Gambling tables fulfilled roles that venture capital and banking do today. "Gamblers" created clearinghouses and sustained liquidity. When those gamblers bet on price distributions in futures markets, they were redefined as "speculators." Today they are called "hedge fund managers" or "bankers." Though the names have changed, the actions undertaken have essentially stayed the same. This book shows how discussion on "chance," "risk," "gambling," "insurance," and "speculation" illuminates where societies stood, where we are today, and where we may be heading.

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