What is the difference between a speculator and a gambler? This
simple question, reminiscent of an old joke, lies at the heart of
one of the most fraught issues within the American economy. And
with it come more questions, equally distressing: how can we tell
the difference between a good investment and a bad one, and
encourage the former while guarding against the latter? If we can't
prevent over-speculation, what moral code can be applied when it
leads to the loss of thousands of people's savings, jobs, and
security? The aftermath of the 2007 financial crisis prompted many
of these questions, butthis is not by any means the first time they
have been raised, nor will it be the last. In Speculation, author
Stuart Banner offers a sweeping historical examination of this
debate, showing that, not only have courts always struggled to draw
a line between investment and gambling, but that the passionate
arguments produced on all sides have almost certainly been made
before. While many today argue that we need to prohibit certain
risky transactions, others respond by citing the benefits of robust
markets and the dangers of over-regulation. This debate has been a
perennial feature of American history, and many of these same
sentiments have been expressed, on both sides, 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. 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: A History synthesizes a
complicated but important dilemma that intersects with critical
themes at the heart of the nation - the ability of our courts to
ensure justice and protection; the fallibility of our economy's
promise of financial success; the moral conundrum inherent in
valuing those who produce goods over those who speculate, and yet
enjoying the fruits of speculation. The history of this struggle
will not only prove invaluable for improving today's economy, but
will also impact how we understand a fundamental aspect of the
American identity.
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