By Reuven Brenner
Even if monetary markets frequently try and distance themselves from playing, the 2 components have way more in universal than often inspiration. while, traditionally there have been no monetary associations corresponding to banks, lotteries constituted the methods through which dear goods have been disposed of, and governments raised funds quick. playing tables fulfilled roles that enterprise capital and banking do at the present time. "Gamblers" created clearinghouses and sustained liquidity. whilst these gamblers guess on fee distributions in futures markets, they have been redefined as "speculators." at the present time they're referred to as "hedge fund managers" or "bankers." although the names have replaced, the activities undertaken have basically stayed an analogous. This e-book exhibits how dialogue on "chance," "risk," "gambling," "insurance," and "speculation" illuminates the place societies stood, the place we're this day, and the place we might be heading.
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Extra resources for A World of Chance: Betting on Religion, Games, Wall Street
Milk was not only double the price of beer, but also dangerous to drink (it was not yet pasteurized, and its anonymity in urban areas facilitated 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 25 adulteration). Tea became popular only after 1830, when the price fell sharply. 26 They had no other place to turn to. Many historians documented the rise of the pub as the center of entertainment, drinking, and betting among the poor.
9 In fact, all the new leisure industries were attacked throughout the eighteenth, nineteenth, and twentieth centuries, in both the United States and England, shaping prejudices to this day. The eighteenth century saw intensified attacks on drinking, some sports, and other leisure activities too. The preoccupation with people’s leisure was such that observers of the times thought that these pastime choices were one of the great problems England faced. 10 Observers claimed that the problem was crime and idleness – though evidence is lacking11 – and gambling was linked to both and more.
But even if investors are occasionally wrong, such an observation could not justify objections to relying on liquid financial markets to make decisions about the allocation of capital in the face of incalculable risks. The question is this: When is a society more likely to prevent persistence in mistaken decisions? 31 The answer is simple: with their money at stake, people think harder and correct their mistakes more quickly. Their access to credit is limited. Central authorities, or those backed by them, face such constraints to a lesser degree.
A World of Chance: Betting on Religion, Games, Wall Street by Reuven Brenner