By Reuven Brenner
Even if monetary markets usually try and distance themselves from playing, the 2 elements have way more in universal than often suggestion. 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 speedy. playing tables fulfilled roles that enterprise capital and banking do this day. "Gamblers" created clearinghouses and sustained liquidity. while these gamblers wager on cost distributions in futures markets, they have been redefined as "speculators." this present day they're known as "hedge fund managers" or "bankers." notwithstanding the names have replaced, the activities undertaken have primarily stayed an analogous. This ebook 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 might be heading.
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Additional resources for A World of Chance: Betting on Religion, Games, Wall Street
Others diversified – the real estate 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 31 that once housed the saloons offering an unexpected financial cushion. Most brewers, though, went bust. Prohibition brought about a wide range of problems, from the Mafia to widespread corruption, which is discussed in detail in Chapter 7, and imposed costs for decades. The 1906 Act and Since: Familiar Patterns It is not true that only the interests representing the upper classes, the racecourse owners, and some racecourse bookmakers were behind the 1906 prohibitive English legislation.
7 The Massachusetts Bay Colony in its first year of existence outlawed not only the possession of cards, dice, and gaming tables, even in private homes, but also dancing, singing, and all “unnecessary” walking on Sundays. 9 In fact, all the new leisure industries were attacked throughout the eighteenth, nineteenth, and twentieth centuries, in both the United States and England, shaping prejudices to this day. The eighteenth century saw intensified attacks on drinking, some sports, and other leisure activities too.
The temperance movement spread and used lobbying tools that would put Jack Abramoff to shame. This episode in American history is worth noting, as there are parallels with the sequence of events that led to the UIGEA, which prohibits financial institutions from transfering money to online gambling companies. As in England, saloons in the United States became the poor people’s refuge. Breweries bought the real estate where the saloons opened. This was a time when breweries standardized production and, expanding rapidly, were looking for new places of distribution.
A World of Chance: Betting on Religion, Games, Wall Street by Reuven Brenner