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Casino Capitalism
BIBLIOGRAPHY
In common parlance, the term casino capitalism refers to the unregulated excesses associated with the “boom and bust” cycles of large speculative ventures, such as Enron.
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Its origins in the literature probably lie with John Maynard Keynes (1883–1946) and his famous General Theory of Employment, Interest, and Money, first published in 1936. In this vigorous attack on the classical and neoclassical economics that was predominant at Cambridge in the 1930s, Keynes refers to the “casino capitalism” embodied in the winning and losing of fortunes on the stock market.
Keynes had already spoken in the 1920s of the immoral and insidious influence of an economy freed from restraint, believing that unfettered greed would create a wave of social problems. In chapter 12 of the General Theory, Keynes refers to casinos twice, first when he comments:
Speculators may do no harm as bubbles on a steady stream of enterprise.
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