By Reuven Brenner
Even though monetary markets frequently try and distance themselves from playing, the 2 components have way more in universal than often notion. whilst, traditionally there have been no monetary associations reminiscent of banks, lotteries constituted the methods wherein dear goods have been disposed of, and governments raised cash fast. 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 known as "hedge fund managers" or "bankers." even though the names have replaced, the activities undertaken have primarily stayed a similar. This booklet indicates how dialogue on "chance," "risk," "gambling," "insurance," and "speculation" illuminates the place societies stood, the place we're this day, and the place we could be heading.
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Additional resources for A World of Chance: Betting on Religion, Games, Wall Street
But to have such markets and achieve this goal, capital must be dispersed and there must be institutions in place to hold all parties to a transaction accountable (a path that is not quite smooth today because of P1: KXF/RZZ P2: KXF/KAA P3: KXF/... 30 Can a million people occasionally go wrong and suffer from herd instinct? The answer is yes – as the performance in financial markets of Warren Buffet and a few other extremely successful contrarians suggests, and as a few entrepreneurs in other activities, whether business, sciences, or the arts, suggest too.
When businesses fear competition, they use lobbyists, politicians, the priesthood, and pliable “intellectuals,” be they academics at universities or at think tanks – all part of what one may call the jargon, perceptionshaping business – to spread a variety of false, not to say strange, ideas. They do so to bring about legislation that protects the threatened enterprises and bureaucracies: some perhaps do so naively but sincerely. When bureaucracies want to sustain their position or expand and fear losing tax revenues, they undertake similar actions.
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.