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What makes gambling wrong but insurance right? (2017)
Gamblers and insurers both place bets on the future, so how do they compare?
Image caption, Lloyd's is not an insurer: it is a marketplace in which multiple financial backers, grouped in syndicates, come together to pool risk Alpine farmers organised mutual aid societies in the early 16th century, agreeing to look after each other if a cow - or child - fell ill. Before the international banking crisis broke in 2007, the total face value of outstanding derivatives contracts was many times larger than the world economy itself.
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