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A World of Chance

Author

Listed:
  • Brenner,Reuven
  • Brenner,Gabrielle A.
  • Brown,Aaron

Abstract

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.

Suggested Citation

  • Brenner,Reuven & Brenner,Gabrielle A. & Brown,Aaron, 2008. "A World of Chance," Cambridge Books, Cambridge University Press, number 9780521884662, January.
    • Handle: RePEc:cup:cbooks:9780521884662
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    Cited by:

    1. Reuven Brenner & Gabrielle A. Brenner, 2010. "Venture Capital in Canada: Lessons for Building (or Restoring) National Wealth," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 86-98, January.
    2. Timothy C. Johnson, 2012. "Ethics and Finance: the role of mathematics," Papers 1210.5390, arXiv.org.

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