By Reuven Brenner
Even if monetary markets usually try and distance themselves from playing, the 2 components have way more in universal than often idea. whilst, traditionally there have been no monetary associations akin to banks, lotteries constituted the methods in which pricey goods have been disposed of, and governments raised funds speedy. playing tables fulfilled roles that enterprise capital and banking do this day. "Gamblers" created clearinghouses and sustained liquidity. whilst these gamblers wager on fee distributions in futures markets, they have been redefined as "speculators." at the present time they're known as "hedge fund managers" or "bankers." notwithstanding the names have replaced, the activities undertaken have primarily stayed a similar. This publication 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 will be heading.
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Additional info for A World of Chance: Betting on Religion, Games, Wall Street
Blocked off . . 32 It was then too that religious institutions started offering leisure alternatives. At first, finding themselves operating in a competitive leisure market, they attacked the competition. The priesthood condemned railways, bicycles, and music halls, perceiving them as a threat to morality. But as the secular world offered a greater variety of entertainment,33 religious picnics ceased to satisfy, and the churches, trying to recruit and hold on to members, began to tolerate what they had previously condemned.
The same conclusion holds true for consequences of the technology bubble and other bubbles. Financial markets were sufficiently resilient to correct the impact of financial miscalculations and mispricing. Compared to the flagrant, long-lasting costs brought about by centralized decisions on allocating capital in most countries (killing tens of millions of people among them) – in Russia under communism, for example – the mistakes brought about by mispricing in financial markets are little more than a rounding error.
57 In contrast, the English Labour Party wanted people to continue to complain and divert their energies from gambling to demands against the rich, hoping that this would help their socialist causes. 58 Today, among western countries, England has the most accommodating legislation toward all facets of gambling. People can bet on virtually anything, from the weather to political events – with winnings tax-free. K.
A World of Chance: Betting on Religion, Games, Wall Street by Reuven Brenner