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

$48.38 - $60.48
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UPC:
9780521711579
Maximum Purchase:
2 units
Binding:
Paperback
Publication Date:
2008-08-04
Release Date:
2008-11-27
Author:
Reuven Brenner;Gabrielle A. Brenner;Aaron Brown
Language:
english
Edition:
2
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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.