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

By Reuven Brenner

Even though monetary markets usually attempt to distance themselves from playing, the 2 components have way more in universal than frequently concept. whilst, traditionally there have been no monetary associations similar to 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. while these gamblers wager on fee distributions in futures markets, they have been redefined as "speculators." this present day they're referred to as "hedge fund managers" or "bankers." notwithstanding the names have replaced, the activities undertaken have basically stayed an analogous. This e-book exhibits 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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Additional resources for A World of Chance: Betting on Religion, Games, Wall Street

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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.

21 In 1833 the Quarterly Review criticized such legislation on exactly such grounds and argued that horse racing should in fact be promoted, because thousands of the less fortunate could take part. 22 P1: KXF/SCY P2: KXF/KAA P3: KXF/KAA QC: 9780521884662c02 CUUS191/Brenner 978 0 521 88466 2 24 June 16, 2008 13:33 Reuven Brenner and Gabrielle A. Brenner Just as did laws regulating gambling and shooting, this law reflected the fear of the idleness of the poor if they won, and lack of confidence in the judgment of members of this class to choose their recreations.

Within two decades all Arabia was united into a new religious-political community (there is no distinction between politics and religion in Islam to this day). 45 Conclusion To summarize, until the seventeenth century, religious teachings regarding the use of lots as a direct appeal to divine providence when making decisions were widespread. The association with the heavens implied that casting lots, throwing dice, should be treated seriously, with proper ritual and respect, and used only in cases when men were incapable of making decisions based on precedent.

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