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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.… (plus d'informations)
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Interesting exploration of how various societies and governments, from biblical times to the online gambling bill, have tried to stifle an adventurous approach to handling risk, which is the very basis of human existence, and draws conclusions about human nature in general.
They claim that those who seek to restrict the human interest in taking a chance, end up impoverishing the people they are restricting; while those societies that embrace it will forge ahead.
They seem very enamoured with a "free market philosophy", and so give no air to the counter-arguments, but do highlight that such criticisms are often ill-founded. ( )
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.
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They claim that those who seek to restrict the human interest in taking a chance, end up impoverishing the people they are restricting; while those societies that embrace it will forge ahead.
They seem very enamoured with a "free market philosophy", and so give no air to the counter-arguments, but do highlight that such criticisms are often ill-founded. (