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A World of Chance: Betting on Religion, Games, Wall Street (Hardback)
  • A World of Chance: Betting on Religion, Games, Wall Street (Hardback)
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A World of Chance: Betting on Religion, Games, Wall Street (Hardback)

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£58.00
Hardback 358 Pages / Published: 04/08/2008
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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.

Publisher: Cambridge University Press
ISBN: 9780521884662
Number of pages: 358
Weight: 650 g
Dimensions: 229 x 157 x 23 mm


MEDIA REVIEWS
'Did you know that the modern insurance industry is a direct outgrowth of gambling? Did you know that poker provided one of the most important sources of capital for penniless Western frontiersmen in the United States? Did you know that major opera houses of Europe began as gambling halls with the theaters attached (history, if not always the quality of music, repeats itself in Las Vegas)? Do you know the real reason the NFL resists the legalization of sports betting in America? For the fascinating answers and insights into the politics, the finance and the economics of that over-maligned pastime, gambling, and, yes, including the surprising role it has frequently played in finance - read A World of Chance. The odds are strong that you will love it.' Henry G. Manne, Dean Emeritus, George Mason Law School
'No one since Joseph Schumpeter has done more than Reuven Brenner to put risk-taking and innovation at the center of economic theory.' Laury Minard, Forbes
'A World of Chance undermines our usual view of 'economic man' and substitutes the angst-ridden, uncertain denizen of a world that offers no certainties and requires risk-taking as a matter of survival. ... For providing a theoretical foundation for the counter-intuitive behavior of American taxpayers, the Brenners deserve the Nobel Prize in economics.' Asia Times
"Did you know that the modern insurance industry is a direct outgrowth of gambling? Did you know that poker provided one of the most important sources of capital for penniless Western frontiersmen in the United States? Did you know that major opera houses of Europe began as gambling halls with the theaters attached (history, if not always the quality of music, repeats itself in Las Vegas)? Do you know the real reason the NFL resists the legalization of sports betting in America? For the fascinating answers and insights into the politics, the finance, and the economics of that over-maligned pastime, gambling, and, yes, including the surprising role it has frequently played in finance - read A World of Chance. The odds are strong that you will love it." - Henry G. Manne, Dean Emeritus, George Mason Law School
"A World of Chance undermines our usual view of 'economic man' and substitutes the angst-ridden, uncertain denizen of a world that offers no certainties and requires risk-taking as a matter of survival.... For providing a theoretical foundation for the counter-intuitive behavior of American taxpayers, the Brenners deserve the Nobel Prize in economics." - Asia Times
"No one since Joseph Schumpeter has done more than Reuven Brenner to put risk-taking and innovation at the center of economic theory." - Laury Minard, Forbes
"...a fine, freshly produced reference for those presenting the argument about pros and cons of gambling versus Wall Street and how they compare in the 21st Century." - Howard Schwartz, The Gamblers Bookshop
"A World of Chance puts up a stout defense of gambling both as a form of entertainment and source of hope.... The book does an excellent job of disassembling all the bogus arguments for keeping lotteries and other forms of gambling under state control, and in particular highlights the self-interested nature of the assault on internet gaming, which is a threat neither to national security nor public morals." - Peter Foster, National Post
"The relationship between gambling and finance (let alone religion and politics) eludes even the most erudite among us because it is clouded in misunderstanding, prejudice and good, old-fashioned politics. Reuven Brenner, Gabrielle A. Brenner, and Aaron Brown have written several books in praise of gambling. In this book, they draw insights from sociological theories of gambling and propose a risk-taking model of expected utility. They use it to disentangle the relationship between fortune and providence, democracy and autocracy, chance and mobility. It is a tall order, but... they succeed admirably." - Nikolaos Zahariadis, Perspectives on Politics
Praise for Gambling and Speculation: "Brenner is one of the freshest writers I have read in economics, willing to introduce himself into his prose and express (sometimes outrageous) opinions. I like to read him." - Richard C. Rockwell, Social Science Research Council
Praise for Rivalry: "This is an important book. Schumpeter would have been impressed." - Graham Bannock, Business Economist

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