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

By Reuven Brenner

Even supposing monetary markets frequently attempt to distance themselves from playing, the 2 components have way more in universal than often idea. while, traditionally there have been no monetary associations resembling banks, lotteries constituted the methods during which dear goods have been disposed of, and governments raised funds quick. playing tables fulfilled roles that enterprise capital and banking do this 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." although the names have replaced, the activities undertaken have primarily stayed an identical. 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 info for A World of Chance: Betting on Religion, Games, Wall Street

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If . . 43 Indeed, the poor gambled and also believed in magic, witchcraft, and methods of divination. They also drank, which at least temporarily anesthetized them to their adverse circumstances. It is not surprising that the P1: KXF/RZZ P2: KXF/KAA P3: KXF/... QC: 9780521884662c01 CUUS191/Brenner 978 0 521 88466 2 June 16, 2008 From Religion to Risk Management 13:32 15 new religions tried to discredit such beliefs and also gambling and drinking. We’ll say more about these pastimes in the next chapter.

But they also corrected those mistakes and others quickly. There is no science to making decisions in the face of uncertainty – incalculable risks, that is. There cannot be. But there are ways to manage such uncertainty: the best way is to rely on information drawn from the bets of millions of people who put up money to back their ideas and challenge their luck. Some may bring up the much-publicized bankruptcy of Long-Term Capital Management (LTCM) as a counterexample. But that case, just as the present subprime mortgage sequence of events, strengthens rather than weakens the points made previously.

The new teaching said that the poor, about a third or half of the population at the time, should be patient in their poverty, blame themselves, not rebel, and accept their fate. 42 “Since the World is but a kind of lottery, why should Gamesters be begrudged the drawing of the Prize? If . . 43 Indeed, the poor gambled and also believed in magic, witchcraft, and methods of divination. They also drank, which at least temporarily anesthetized them to their adverse circumstances. It is not surprising that the P1: KXF/RZZ P2: KXF/KAA P3: KXF/...

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