Freaks of fortune : the emerging world of capitalism and risk in America / Jonathan Levy.

Includes bibliographical references and index.

The assumption of risk -- The perils of the seas -- The actuarial science of freedom -- The failure of the freedman's bank -- Betting the farm -- Fraternity in the age of capital -- Trading the future -- The trust question.

"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."--Publisher's website

Print version record.

English.

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