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Casino Capitalism

Casino capitalism is not as innocent and fun as the term might imply. Whereas a casino might be an enjoyable place for many people, an economic system with the traits of casino capitalism would be decidedly unpleasant for all but a few. Casino capitalism is inherently an ethical concern, because the lives and livelihood of the middle and lower-income classes are threatened by the boom and bust cycles of speculative business ventures engineered by the wealthy. And in an era of deregulation of big business and financial institutions in particular, if laws no longer protect society, ethics becomes paramount.

The term casino capitalism probably first appeared in the work of Irving Fisher, who lived between 1867 and 1947, followed soon after by Hyman Minsky, who lived ...

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