By Reuven Brenner

ISBN-10: 0511424167

ISBN-13: 9780511424168

ISBN-10: 0521884667

ISBN-13: 9780521884662

Even supposing monetary markets usually try and distance themselves from playing, the 2 components have way more in universal than often suggestion. whilst, traditionally there have been no monetary associations corresponding to banks, lotteries constituted the methods in which pricey goods have been disposed of, and governments raised cash fast. playing tables fulfilled roles that enterprise capital and banking do this present day. "Gamblers" created clearinghouses and sustained liquidity. while these gamblers wager on rate distributions in futures markets, they have been redefined as "speculators." this present day they're referred to as "hedge fund managers" or "bankers." even though the names have replaced, the activities undertaken have basically stayed an analogous. This booklet 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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Extra resources for A World of Chance: Betting on Religion, Games, Wall Street

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In 1999 Abramoff, a Washington lobbyist now in jail (OK, so Machiavellians may not be that proud), promised to access three thousand pastors, ninety thousand religious households, the Alabama Christian Coalition, the Alabama Family Alliance, and the Christian Family Association to defeat a bill in the Alabama State Legislature. This bill would have allowed casinostyle games on dog-racing tracks, which would have competed with the Choctaw tribe’s casino. The Choctaw paid the companies Abramoff has been associated with some $2 million in 1999 alone for activities linked to the dog-track bill, and to oppose an Alabama state lottery.

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? 13:33 27 doctrine of the utility of poverty. From this angle, having a large low-wage economy was beneficial, for otherwise the country could not export.

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. Islam too condemns gambling to this day, the ban being related to the tenet that blind fate is not the governing force of human destiny. 44 Early Muslim theological thinking used gambling as a metaphor to illustrate the concern with free will against predestination.

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

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