Gambling and Speculation takes the long, historic perspective of its controversial subject. The book offers not only a better understanding of the recent "gambling craze," but also a fundamental inquiry into human nature and the structure of societies. The Brenners argue that the negative image of gamblers and of speculators stems from prejudice, whose roots are in the distant, forgotten past. Legal scholars have frequently confused gambling with speculation and the anti-gambling laws were, at times, erroneously interpreted as implying the (...) prohibitions of contracts in futures and insurance markets. One consequence of all this confusion was that during this century both in the United States and England, the legislation and law on betting and gambling became ambiguous. The authors touch on this issue and make policy recommendations: to abolish restrictions on the industry, diminish the states' role in selling lotteries, and, at the same time, make legal distinctions capable of helping the tiny percentage of players who might be "addicted.". (shrink)

La crise qui affecte actuellement l’économie mondiale est la plus dévastatrice depuis la Grande Dépression, et elle pourrait bien s’avérer tout aussi grave. Elle est en effet le symptôme à la fois d’immenses problèmes non résolus dans l’économie réelle, dissimulés pendant des décennies par la dette, et d’une crise financière d’une profondeur inédite pour la période d’après guerre. C’est l’effet de renforcement mutuel du déclin de l’accumulation du capital et de la désintégration du secteur financier qui fait que ce glissement (...) échappe totalement aux responsables politiques et qui rend son potentiel de catastrophe si manifeste.Les analystes de la crise ont naturellement pris comme point de départ l’effondrement du secteur bancaire et des marchés boursiers. Mais à de rares exceptions près, tous ont aussi nié les problèmes profonds et chroniques de l’économie réelle. (shrink)

Rivalry is an attempt to understand facets of entrepreneurial societies by integrating the economic analysis with historical, political and psychological considerations, customarily shunned by economists. The author argues that decisions to make new business ventures, and readiness to take risks are both related to concepts of ranking hierarchies on local, national or international levels. He then constructs a theory of business enterprise and of rivalry supported by evidence on entrepreneurship, innovation, advertising, all examined with their historical, political or organisational concerns. (...) This notion of rivalry among businessmen is used to derive guidelines for anti-trust legislation. Instead of pricing, profitability, concentration ratios and other criteria used today to infer non-competitive behaviour, he suggests using a measure of a firm's relative rate of innovation to infer it. By extending the notion of rivalry to the political sphere, national and international, guidelines are derived to evaluate the performance of state-owned enterprises and to examine policies related to free trade. (shrink)