Speculation

Speculation

In Speculation, Stuart Banner provides a sweeping history of how the fine lines separating investment, speculation, and outright gambling have shaped America from the 1790s to the present.

Author: Stuart Banner

Publisher: Oxford University Press

ISBN: 9780190623050

Category: Business & Economics

Page: 288

View: 700

What is the difference between gambling and speculation? This difficult question has posed a legal problem throughout American history. Many have argued that periodic failures by regulators to differentiate between the two have been the proximate causes of catastrophic economic downturns, including the Great Depression and the 2008 global financial crisis. In Speculation, Stuart Banner provides a sweeping history of how the fine lines separating investment, speculation, and outright gambling have shaped America from the 1790s to the present. Advocates for risky investments have long argued that risk-taking is what defines America. On the other side, critics counter that unregulated speculation results in bubbles that draw in the most ill-informed investors, creating financial chaos. The debate has been a perennial feature of American history. The Panic of 1837, the speculative boom of the roaring twenties, and the real estate bubble of the early 2000s are all emblematic of the difficulty in differentiating sober from reckless speculation. Some, chastened by the most recent crash, argue that we need to prohibit certain risky transactions, but others respond by citing the benefits of loosely governed markets and the dangers of over-regulation. Economic crises have generated deep ambivalence, yet Americans' faith in investment and the stock market has always rebounded quickly after even the most savage downturns. Speculation explores a suite of themes that sit at the heart of American history-the ability of courts and regulators to protect ordinary Americans from the ravages of capitalism; the periodic fallibility of the American economy; and the moral conundrum inherent in profiting from speculation while condemning speculators. Banner's engaging and accessible history is invaluable not only for understanding the fault lines beneath the American economy today, but American identity itself.
Categories: Business & Economics

Playing the Market

Playing the Market

The Hazy Line between Investment , Speculation , and Gambling The stock traders that formed the first securities markets ... Speculation : A History of the Fine Line between Gambling and Investing ( New York , Oxford : Oxford University ...

Author: Kieran Heinemann

Publisher: Oxford University Press

ISBN: 9780198864257

Category: Business & Economics

Page: 288

View: 442

This book explores the distinctively British obsession with investment and speculation. It explains how and why everyday British people increasingly invested, speculated, and gambled in stocks and shares from the outbreak of World War I, over the postwar decades and the Thatcher years, up until the premiership of Tony Blair.
Categories: Business & Economics

Speculation

Speculation

A History of the Fine Line Between Gambling and Investing Stuart Banner. 290 Speculation On the other hand, cases only reached the courts when investments went sour. Beneficiaries never complained when trustees took risks and made money ...

Author: Stuart Banner

Publisher: Oxford University Press

ISBN: 9780190623043

Category: Capital market

Page: 344

View: 586

What is the difference between a gambler and a speculator? Is there a readily identifiable line separating the two? If so, is it possible for us to discourage the former while encouraging the latter? These difficult questions cut across the entirety of American economic history, and theperiodic failures by regulators to differentiate between irresponsible gambling and clear-headed investing have often been the proximate causes of catastrophic economic downturns. Most recently, the blurring of speculation and gambling in U.S. real estate markets fueled the 2008 global financialcrisis, but it is one in a long line of similar economic disasters going back to the nation's founding. In Speculation, author Stuart Banner provides a sweeping and story-rich history of how the murky lines separating investment, speculation, and outright gambling have shaped America from the 1790s to the present. Regulators and courts always struggled to draw a line between investment and gambling,and it is no easier now than it was two centuries ago. Advocates for risky investments have long argued that risk-taking is what defines America. Critics counter that unregulated speculation results in bubbles that always draw in the least informed investors-gamblers, essentially. Financial chaos isthe result. The debate has been a perennial feature of American history, with the pattern repeating before and after every financial downturn since the 1790s. The Panic of 1837, the speculative boom of the roaring twenties, and the real estate bubble of the early 2000s are all emblematic of thedifficulty in differentiating sober from reckless speculation. Even after the recent financial crisis, the debate continues. Some, chastened by the crash, argue that we need to prohibit certain risky transactions, but others respond by citing the benefits of loosely governed markets and the dangersof over-regulation. These episodes have generated deep ambivalence, yet Americans' faith in investment and - by extension - the stock market has always rebounded quickly after even the most savage downturns. Indeed, the speculator on the make is a central figure in the folklore of Americancapitalism. Engaging and accessible, Speculation synthesizes a suite of themes that sit at the heart of American history - the ability of courts and regulators to protect ordinary Americans from the ravages of capitalism; the periodic fallibility of the American economy; and - not least - the moral conundruminherent in valuing those who produce goods over those who speculate, and yet enjoying the fruits of speculation. Banner's history is not only invaluable for understanding the fault lines beneath the American economy today, but American identity itself.
Categories: Capital market

Historicizing Self Interest in the Modern Atlantic World

Historicizing Self Interest in the Modern Atlantic World

Rather, for the crowd psychologists, the advice manual writers, and the professional speculators, the stock market transactions of ... see: Stuart Banner, Speculation: A History of the Fine Line Between Gambling and Investing (Oxford: ...

Author: Christine Zabel

Publisher: Routledge

ISBN: 9781000364071

Category: Business & Economics

Page: 304

View: 521

This volume historicizes the use of the notion of self-interest that at least since Bernard de Mandeville and Adam Smith’s theories is considered a central component of economic theory. Having in the twentieth century become one of the key-features of rational choice models, and thus is seen as an idealized trait of human behavior, self-interest has, despite Albert O. Hirschman’s pivotal analysis of self-interest, only marginally been historicized. A historicization(s) of self-interest, however, offers new insights into the concept by asking why, when, for what reason and in which contexts the notion was discussed or referred to, how it was employed by contemporaries, and how the different usages developed and changed over time. This helps us to appreciate the various transformations in the perception of the notion, and also to explore how and in what ways different people at different times and in different regions reflected on or realized the act of considering what was in their best interest. The volume focuses on those different usages, knowledges, and practices concerned with self-interest in the modern Atlantic World from the seventeenth to twentieth centuries, by using different approaches, including political and economic theory, actuarial science, anthropology, or the history of emotions. Offering a new perspective on a key component of Western capitalism, this is the ideal resource for researches and scholars of intellectual, political and economic history in the modern Atlantic World.
Categories: Business & Economics

Threatened Knowledge

Threatened Knowledge

Practices of Knowing and Ignoring from the Middle Ages to the Twentieth Century Renate Dürr. show is that actors have access to ... Speculation: A History of the Fine Line between Gambling and Investing. Oxford: Oxford University Press, ...

Author: Renate Dürr

Publisher: Routledge

ISBN: 9781000452044

Category: History

Page: 266

View: 102

Threatened Knowledge discusses the practices of knowing, not-knowing, and not wanting to know from the Middle Ages to the twentieth century. In times of "fake news", processes of forgetting and practices of non-knowledge have sparked the interest of historical and sociological research. The common ground between all the contributions in this volume is the assumption that knowledge does not simply increase over time and thus supplant phases of not-knowing. Moreover, the contributions show that knowing and not-knowing function in very similar ways, which means they can be analysed along similar methodological lines. Given the implied juxtaposition between emotions and rational thinking, the role of emotions in the process of knowledge production has often been trivialized in more traditional approaches to the subject. Through a broad geographical and chronological approach, spanning from prognostic texts in the Carolingian period to stock market speculation in early-twentieth-century United States, this volume demonstrates the important role of emotions in the history of science. By bringing together cultural historians of knowledge, emotions, finance, and global intellectual history, Threatened Knowledge is a useful tool for all students and scholars of the history of knowledge and science on a global scale.
Categories: History

Speculative Communities

Speculative Communities

Imagined Communities: Reflections on the Origin and Spread of Nationalism. Rev. ed. ... The Long Twentieth Century: Money, Power and the Origins of Our Time. ... Speculation: A History of the Fine Line between Gambling and Investing.

Author: Aris Komporozos-Athanasiou

Publisher: University of Chicago Press

ISBN: 9780226816029

Category: Capitalism

Page: 240

View: 158

Speculation : finance and capitalism. The rise of speculative communities; A genealogy of speculative imagination : old spirits of capitalism -- Spectacle : finance and society. Speculative technologies and the new Homo speculans; Speculative intimacies -- Specter : finance and polity. Financialized populism and new nationalisms; Counter-speculations.
Categories: Capitalism

A History of American Law

A History of American Law

A few states, under pressure from the exchanges, passed laws against “bucket shops,” and in the end, the exchanges beat them by ... 4 Stuart Banner, Speculation: A History of the Fine Line Between Gambling and Investing (2017), pp.

Author: Lawrence M. Friedman

Publisher: Oxford University Press

ISBN: 9780190070915

Category: Law

Page: 704

View: 568

Renowned legal historian Lawrence Friedman presents an accessible and authoritative history of American law from the colonial era to the present day. This fully revised fourth edition incorporates the latest research to bring this classic work into the twenty-first century. In addition to looking closely at timely issues like race relations, the book covers the changing configurations of commercial law, criminal law, family law, and the law of property. Friedman furthermore interrogates the vicissitudes of the legal profession and legal education. The underlying theory of this eminently readable book is that the law is the product of society. In this way, we can view the history of the legal system through a sociological prism as it has evolved over the years.
Categories: Law

Moralizing Capitalism

Moralizing Capitalism

... Met Main Street: The Quest for an Investors' Democracy (Cambridge, MA: Harvard University Press, 2011); Stuart Banner, Speculation: A History of the Fine Line Between Gambling and Investing (New York: Oxford University Press, 2017).

Author: Stefan Berger

Publisher: Springer

ISBN: 9783030205652

Category: History

Page: 329

View: 187

This book adds a crucial focus on morality to the growing literature on the history of capitalism by exploring social and cultural perspectives on the economic order that has dominated the modern world. Taking the study beyond narrow economic confines, it traces the entanglement between moral sentiments and capitalism, examining both moral critiques and moral justifications. Company bankruptcies, systems of taxation, wealth, and the running of stock exchanges were attacked on moral grounds, while ideas of economic justice and the humanization of capitalism loomed large over moral critiques. Many movements, from antislavery to labour campaigns, were inspired by aspirations to improve capitalism and halt the moral decay that was felt to have affected large sections of society. This book questions how moral sentiments are defined and have changed over time, and how these relate to both capitalism and anti-capitalism. Covering a range of different social movements and ethical issues, the 13 chapters present a moral history of capitalism, understood not simply as an economic system but as an order that encompasses all areas of modern life.
Categories: History

The Decline of Natural Law

The Decline of Natural Law

The first book to explain how natural law once worked in the American legal system, The Decline of Natural Law offers a unique look into how and why this major shift in legal thought happened, and focuses, in particular, on the shift from ...

Author: Stuart Banner

Publisher: Oxford University Press

ISBN: 9780197556511

Category: Law

Page:

View: 776

An account of a fundamental change in American legal thought, from a conception of law as something found in nature to one in which law is entirely a human creation. Before the late 19th century, natural law played an important role in the American legal system. Lawyers routinely used it in their arguments and judges often relied upon it in their opinions. Today, by contrast, natural law plays virtually no role in the legal system. When natural law was part of a lawyer's toolkit, lawyers thought of judges as finders of the law, but when natural law dropped out of the legal system, lawyers began thinking of judges as makers of the law instead. In The Decline of Natural Law, the eminent legal historian Stuart Banner explores the causes and consequences of this change. To do this, Banner discusses the ways in which lawyers used natural law and why the concept seemed reasonable to them. He further examines several long-term trends in legal thought that weakened the position of natural law, including the use of written constitutions, the gradual separation of the spheres of law and religion, the rapid growth of legal publishing, and the position of natural law in some of the 19th century's most contested legal issues. And finally, he describes both the profession's rejection of natural law in the late 19th and early 20th centuries and the ways in which the legal system responded to the absence of natural law. The first book to explain how natural law once worked in the American legal system, The Decline of Natural Law offers a unique look into how and why this major shift in legal thought happened, and focuses, in particular, on the shift from the idea that law is something we find to something we make.
Categories: Law

Work of the Stock Exchange

Work of the Stock Exchange

THE FUNCTIONS OF STOCK EXCHANGES A study of the history and work of stock exchanges is incomplete without a ... Admittedly it is almost impossible to draw a fine line between investment and speculation and speculation and gambling .

Author: New York Stock Exchange Institute

Publisher:

ISBN: COLUMBIA:CU04275519

Category:

Page:

View: 878

Categories: