A world of chance
betting on religion, games, Wall Street
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Author
Contributions
- Brenner, Gabrielle A. - Contributor
- Brown, Aaron, 1956- - Contributor
Publication
2008 - New York : Cambridge University Press, Cambridge, England
Language
English
Word Count
84,750 words, Guess
Page Count
339 pages
Identifiers
- Open LibraryOL16365215M
- ISBN-139780521884662
- OCLC Control Number185095549
- OCLC Control Numberworldchancebetti00bren
- Library of Congress Control Number2007052044
and 2 more
- LibraryThing6088463
- Goodreads4145649
Classifications
- DDC306.4/82
- LCCHB615 .B733 2008
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.
Other Editions
- A world of chance: betting on religion, games, Wall Street
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