Jonathan Levy
Freaks of Fortune: The Emerging World of Capitalism and Risk in America
- ISBN 13:
- 9780674736351
- author:
- Jonathan Levy
- format:
- Paperback
- publisher:
- Harvard University Press
- language:
- English
- Publication Year:
- 2014
- Pages:
- 432
- Dimensions:
- 23.5 x 16 x 3 cm
- Genre:
- Business, Finance & Law, Biographies & Histories, Business & Economic History
- Condition:
- New
- Availability:
- Item usually sent within 4 working days
Description
The modern concept of risk emerged in the United States in the early nineteenth century, born on the high seas and later migrating inland. It became essential to the financial management of an inherently uncertain capitalist future. Jonathan Levy explores how risk developed through the growth of new financial institutions, including insurance corporations, savings banks, mortgage-backed securities markets, commodities futures markets, and securities markets. At its heart was a new vision of freedom, where individuals were expected to take, assume, and manage their own personal risk. This often meant offloading that same risk onto new financial institutions, which have since become known as the financial services industry. Levy examines how this new vision of personal freedom unfolded in the American financial system, particularly during a time when faith in God's providence was waning. The result is a fascinating study of how our own financialized times and risk-defined lives came to be.
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