By Reuven Brenner

ISBN-10: 0511424167

ISBN-13: 9780511424168

ISBN-10: 0521884667

ISBN-13: 9780521884662

Even though monetary markets frequently try and distance themselves from playing, the 2 components have way more in universal than frequently proposal. whilst, traditionally there have been no monetary associations resembling banks, lotteries constituted the methods through which dear goods have been disposed of, and governments raised cash fast. playing tables fulfilled roles that enterprise capital and banking do this day. "Gamblers" created clearinghouses and sustained liquidity. whilst these gamblers guess on cost distributions in futures markets, they have been redefined as "speculators." at the present time they're known as "hedge fund managers" or "bankers." although the names have replaced, the activities undertaken have primarily stayed a similar. This e-book indicates how dialogue on "chance," "risk," "gambling," "insurance," and "speculation" illuminates the place societies stood, the place we're at the present time, and the place we can be heading.

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

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Old ideas often get rehashed, dressed in new jargons, and pass for evidence. The previous chapter examined the origins of some such ideas, which to this day pass for people’s moral beliefs, influencing debates about risk-taking in general and gambling in particular. This chapter discusses a wide range of innovative – and false – arguments still used today to condemn and outlaw people’s entertainment choices in general, and their gambling, and occasionally their drinking, in particular. Many of these ideas may strike readers first as strange, as ideas belonging to distant pasts, ideas that should have long ago been discarded.

But by the eighteenth century it became customary to think of a “normal” work day as ten hours with two hours for meals. 16 Although work became separate from recreation, those working in the new industries in the cities at the end of the eighteenth and the beginning of the nineteenth century did not have either much time or much space to enjoy traditional recreations. The number of traditional full-day holidays taken by clerks and workers had fallen significantly. Bank of England staff, for example, had enjoyed forty-two holidays in the eighteenth century.

34 They made innovations in the chapels, which had better music by 1880, and organized bazaars, concerts and drama, sewing, and cricket and football clubs; at one point they tried to get a monopoly on bingo and gambling for charity purposes. 35 Although toward the end of the eighteenth century Adam Smith argued that no society can be “flourishing or happy, of which a greater part of the members are poor and miserable,” many still believed in the mercantilist 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?

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


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