Freaks of Fortune

Reviews / Votes

A free-wheeling yet finely targeted history of capitalism and the modern financial industry, this study by Princeton historian Levy revolves around one specific concept--risk--while considering changing notions of liberty, justice, and human agency. Originally a mariners' term for the possibility of a ship's cargo being lost at sea, "risk" became a defining feature of American commercial life as the free market expanded and industrialization radically increased the pace of economic change...Levy's humane vision and his extensive knowledge of American law, economics, and politics turn what could have been a dry treatise into a fascinating portrait of a society in flux. The author sheds light on such topics as corporate profit-sharing and the ethical ramifications of futures trading, underscoring the extraordinary power of the "economic chance-world" to create and destroy. Happenstance has always played an enormous role in human life, and the book explores society's reaction to the realization that individuals are increasingly defined by the possibility that their station in life will dramatically rise or fall. Publishers Weekly 20120820 Levy provides a fascinating glimpse into the history of financial risk. Looking at the years between the start of the 19th century and the beginning of the Great Depression, he outlines a shift in philosophy regarding risk and responsibility as workers became dependent on new financial systems. Insurance, savings accounts, and even mortgage-backed securities proliferated in an attempt to shift risk off the individual and onto a larger institution. -- Elizabeth Nelson Library Journal 20121015