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

By Reuven Brenner

Even supposing monetary markets usually attempt to distance themselves from playing, the 2 elements have way more in universal than frequently inspiration. while, traditionally there have been no monetary associations reminiscent of banks, lotteries constituted the methods through which pricey goods have been disposed of, and governments raised funds quick. playing tables fulfilled roles that enterprise capital and banking do this present day. "Gamblers" created clearinghouses and sustained liquidity. while these gamblers wager on cost distributions in futures markets, they have been redefined as "speculators." this day they're known as "hedge fund managers" or "bankers." even though the names have replaced, the activities undertaken have primarily stayed a similar. This ebook indicates how dialogue on "chance," "risk," "gambling," "insurance," and "speculation" illuminates the place societies stood, the place we're this present day, and the place we should be heading.

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Additional info for A World of Chance: Betting on Religion, Games, Wall Street

Example text

Believing as the Labour Party leaders did that restlessness due to prohibitions could be channeled into political energy, whereas “the displacement of political energy [leads] into apolitical and hence conservative leisure,”55 seems quite a stretch. The evidence is, in fact, that prohibitions lead people either to continue to do the same things as they did before, only illegally, or to invent new pastimes. And although it is true that when all goes well and people prosper they pay less attention to politics, this is what politics should achieve – isn’t it?

Insurers claimed that because everyone dies, life insurance was not a bet but an investment: whether they believed in such a statement sincerely, we do not know. ) If this view sounds strange, consider that in our days Islamic bonds are not allowed to impute interest rates explicitly because of Quranic prohibitions, drawing on biblical prohibitions (wrongheaded too, or misunderstood). The preceding views concerning the role of chance in human affairs and prejudice against gambling can be traced to our days.

With their numbers growing, these tribes found themselves in an ideological and institutional vacuum because the traditional customs and beliefs that fit smaller groups were weakened. 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.

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