In a highly readable work that engages topics in American cultural, social and business history, Ann Fabian details the place of gambling in industrializing America. Card Sharps and Bucket Shops investigates the relationship between gambling and other ways of making profit, such as speculation and land investment, which became entrenched during the nineteenth century. While all these undertakings ran counter to deeply ingrained American--and Protestant--work ethics, only gambling took on a stigma that made other efforts to acquire wealth socially acceptable. Fabian considers here the reformers who sought to ban gambling; psychological explanations for the deviant gambler; numbers games in the African American community; and efforts by speculators to draw distinctions between their own activities and gambling. She combines first-rate cultural analysis with rigorous research, and along the way provides a wealth of colorful details, characters and anecdotes.

In a highly readable work that engages topics in American cultural, social and business history, Ann Fabian details the place of gambling in industrializing America. Card Sharps and Bucket Shops investigates the relationship between gambling and other ways of making profit, such as speculation and land investment, which became entrenched during the nineteenth century. While all these undertakings ran counter to deeply ingrained American--and Protestant--work ethics, only gambling took on a stigma that made other efforts to acquire wealth socially acceptable. Fabian considers here the reformers who sought to ban gambling; psychological explanations for the deviant gambler; numbers games in the African American community; and efforts by speculators to draw distinctions between their own activities and gambling. She combines first-rate cultural analysis with rigorous research, and along the way provides a wealth of colorful details, characters and anecdotes.

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 the periodic 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 financial crisis, 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 is the 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 the difficulty 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 dangers of 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 American capitalism. 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 conundrum inherent 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.

Until the early nineteenth century, “risk” was a specialized term: it was the commodity exchanged in a marine insurance contract. Freaks of Fortune tells the story of how the modern concept of risk emerged in the United States. Born on the high seas, risk migrated inland and became essential to the financial management of an inherently uncertain capitalist future. Focusing on the hopes and anxieties of ordinary people, Jonathan Levy shows how risk developed through the extraordinary growth of new financial institutions—insurance corporations, savings banks, mortgage-backed securities markets, commodities futures markets, and securities markets—while posing inescapable moral questions. For at the heart of risk’s rise was a new vision of freedom. To be a free individual, whether an emancipated slave, a plains farmer, or a Wall Street financier, was to take, assume, and manage one’s own personal risk. Yet this often meant offloading that same risk onto a series of new financial institutions, which together have only recently acquired the name “financial services industry.” Levy traces the fate of a new vision of personal freedom, as it unfolded in the new economic reality created by the American financial system. Amid the nineteenth-century’s waning faith in God’s providence, Americans increasingly confronted unanticipated challenges to their independence and security in the boom and bust chance-world of capitalism. Freaks of Fortune is one of the first books to excavate the historical origins of our own financialized times and risk-defined lives.

When someone gets hurt in an accident we reflexively ask a set of questions which ultimately comes down to who was blameworthy? Yet early nineteenth-century Americans were entirely, and to the modern reader, astonishingly, uninterested in this line of reasoning. Their concern was whether an accident had happened and not why. Nan Goodman takes this transformation in legal and popular thought about the nature of accidents as a starting point for a broad inquiry into changing conceptions of individual agency-and ultimately of self-in industrializing America. Goodman looks to both conventional historical sources and the literary depiction of accidents in the work of Mark Twain, Stephen Crane, Charles Chesnutt, and others to explain the new ways that Americans began to make sense of the unplanned.