Freaks of Fortune: The Emerging World of Capitalism and Risk in America

(Harvard University Press) This book examines how the modern concept of business risk evolved from a maritime term referring to the possibility of a ship’s cargo being lost at sea. It shows how the term developed through the growth of new financial institutions, and how risk was tied to a new vision of personal freedom. It also addresses the moral questions that are posed by this financial system. Levy is an assistant professor of history at Princeton.