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Speculation

A History

Author: Stuart Banner

Publisher: Oxford University Press

ISBN:

Category: Capital market

Page: 344

View: 534

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.

The Routledge Companion to Literature and Economics

Author: Matt Seybold

Publisher: Routledge

ISBN:

Category: Literary Criticism

Page: 424

View: 811

The study of literature and economics is by no means a new one, but since the financial crash of 2008, the field has grown considerably with a broad range of both fiction and criticism. The Routledge Companion to Literature and Economics is the first authoritative guide tying together the seemingly disparate areas of literature and economics. Drawing together 38 critics, the Companion offers both an introduction and a springboard to this sometimes complex but highly relevant field. With sections on "Critical traditions," "Histories," "Principles," and "Contemporary culture," the book looks at examples from Medieval and Renaissance literature through to poetry of the Great Depression and novels depicting the 2008 financial crisis. Covering topics from Austen to austerity, Marxism to modernism, the collated essays offer indispensable analysis of the relationship between literary studies and the economy. Representing a wide spectrum of approaches, this book introduces the basics of economics, while engaging with essential theory and debate. As the reality of economic hardship and disparity is widely acknowledged and spreads across disciplines, this Companion offers students and scholars a chance to enter this crucially important interdisciplinary area.

Making the Market

Victorian Origins of Corporate Capitalism

Author: Paul Johnson

Publisher: Cambridge University Press

ISBN:

Category: History

Page:

View: 503

Corporate capitalism was invented in nineteenth-century Britain; most of the market institutions that we take for granted today - limited companies, shares, stock markets, accountants, financial newspapers - were Victorian creations. So were the moral codes, the behavioural assumptions, the rules of thumb and the unspoken agreements that made this market structure work. This innovative study provides the first integrated analysis of the origin of these formative capitalist institutions, and reveals why they were conceived and how they were constructed. It explores the moral, economic and legal assumptions that supported this formal institutional structure, and which continue to shape the corporate economy of today. Tracing the institutional growth of the corporate economy in Victorian Britain and demonstrating that many of the perceived problems of modern capitalism - financial fraud, reckless speculation, excessive remuneration - have clear historical precedents, this is a major contribution to the economic history of modern Britain.

Work of the Stock Exchange

Correspondence Course ...

Author: New York Stock Exchange Institute

Publisher:

ISBN:

Category:

Page:

View: 178

The World's Work

A History of Our Time

Author:

Publisher:

ISBN:

Category:

Page:

View: 690

The Stock Markets

Author: Gilbert William Cooke

Publisher:

ISBN:

Category: Stock exchanges

Page: 570

View: 798

Prospecting the client

how to target and find the new financial services customer

Author: Laurie Brannen

Publisher: Irwin Professional Publishing

ISBN:

Category: Business & Economics

Page: 204

View: 446

A Concise Dictionary of Finance

An Authoritative Guide to the Specialized Terms and Expressions Employed in the Business of the Stock Exchange, the Money Market, and the Commodity Markets, and in Banking, Insurance, Shipping, and Other Financial Transactions

Author: Collin Brooks

Publisher:

ISBN:

Category: Finance

Page: 406

View: 189

Legislative History of the Securities Act of 1933 and Securities Exchange Act of 1934 ...: Securities Exchange Act, 1934, Law, debate. Reports, documents. Hearings (4 v.). House bills. Senate bills

Author:

Publisher:

ISBN:

Category: Securities

Page:

View: 117

Forbes

Author:

Publisher:

ISBN:

Category: Business

Page:

View: 271

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