A World of Chance: Betting on Religion, Games, Wall Street (PDF) (Print)

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. ÒGamblersÓ created clearinghouses and sustained liquidity. When those gamblers bet on price distributions in futures markets, they were redefined as Òspeculators.Ó Today they are called Òhedge fund managersÓ or Òbankers.Ó Though the names have changed, the actions undertaken have essentially stayed the same. This book shows how discussion on Òchance,Ó Òrisk,Ó Ògambling,Ó Òinsurance,Ó and ÒspeculationÓ illuminates where societies stood, where we are today, and where we may be heading.