%PDF-1.3 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R 14 0 R 16 0 R 18 0 R 20 0 R ] /Count 5 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R >> /XObject << /I1 11 0 R >> >> /MediaBox [0.000 0.000 595.280 841.890] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Creator (DOMPDF) /CreationDate (D:20140915075232+01'00') /ModDate (D:20140915075232+01'00') /Title (Betting on Lives: the Culture of Life Insurance in England, 1695-1775) >> endobj 6 0 obj << /Type /Page /Parent 3 0 R /Annots [ 12 0 R ] /Contents 7 0 R >> endobj 7 0 obj << /Length 4608 >> stream q 381.750 0 0 120.000 34.016 687.874 cm /I1 Do Q 0.000 0.000 0.000 rg BT 34.016 676.469 Td /F1 12.0 Tf [(Published on )] TJ ET BT 99.356 676.469 Td /F2 12.0 Tf [(Reviews in History)] TJ ET BT 190.016 676.469 Td /F1 12.0 Tf [( \()] TJ ET 0.000 0.000 0.800 rg BT 197.012 676.469 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 197.012 675.075 m 357.332 675.075 l S 0.000 0.000 0.000 rg BT 357.332 676.469 Td /F1 12.0 Tf [(\))] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 653.743 526.499 1.500 re S BT 34.016 615.321 Td /F3 18.0 Tf [(Betting on Lives: the Culture of Life Insurance in England, 1695-)] TJ ET BT 34.016 593.937 Td /F3 18.0 Tf [(1775)] TJ ET BT 34.016 323.219 Td /F1 12.0 Tf [(The study of life insurance as a cultural practice has been moving in from the margins of social historical )] TJ ET BT 34.016 308.963 Td /F1 12.0 Tf [(enquiry for some time now. As early as 1979 Viviana Zelizer took an important step beyond the confines of )] TJ ET BT 34.016 294.707 Td /F1 12.0 Tf [(institutional business history with her study of public debates about the moral implications of life-insurance )] TJ ET BT 34.016 280.451 Td /F1 12.0 Tf [(practices in nineteenth- and twentieth-century America. In the context of British and continental European )] TJ ET BT 34.016 266.195 Td /F1 12.0 Tf [(historiography, the consolidation of a number of related paradigms in the 1980s began to point towards a )] TJ ET BT 34.016 251.939 Td /F1 12.0 Tf [(research agenda which would situate the development of systems for insuring the person in the context of )] TJ ET BT 34.016 237.683 Td /F1 12.0 Tf [(changing ways of understanding and representing the individual and social relations. These included the )] TJ ET BT 34.016 223.427 Td /F1 12.0 Tf [(critical study of social insurance and the origins of the welfare state \(particularly - though not exclusively - )] TJ ET BT 34.016 209.171 Td /F1 12.0 Tf [(as informed by Foucauldian notions of 'governmentality' and the normative or disciplinary power of )] TJ ET BT 34.016 194.915 Td /F1 12.0 Tf [(institutions based on expert knowledge\), the history of the body, the anatomy of 'domesticity' as a key term )] TJ ET BT 34.016 180.659 Td /F1 12.0 Tf [(in the emergence of modern gender identities, the history of the medicine and the professions and the social )] TJ ET BT 34.016 166.403 Td /F1 12.0 Tf [(study of scientific knowledge as applied to the history of probability and statistics. To these impulses might )] TJ ET BT 34.016 152.147 Td /F1 12.0 Tf [(be added the increased interest among business historians in the culture of the enterprise and the relationship )] TJ ET BT 34.016 137.891 Td /F1 12.0 Tf [(of business practices to aspects of expectation and habitus current in society at large.)] TJ ET BT 34.016 111.635 Td /F1 12.0 Tf [(From this point of view, )] TJ ET BT 153.356 111.635 Td /F2 12.0 Tf [(Betting on Lives)] TJ ET BT 231.356 111.635 Td /F1 12.0 Tf [(, the first monograph to attempt a fully grounded study of life )] TJ ET BT 34.016 97.379 Td /F1 12.0 Tf [(insurance in its cultural context, seems to have been a long time coming \(even given the fact that the )] TJ ET BT 34.016 83.123 Td /F1 12.0 Tf [(Princeton dissertation on which it is b ased was completed in 1993\). The virtues of Clark's work make it )] TJ ET BT 34.016 68.867 Td /F1 12.0 Tf [(clear why: At once a treasure-house of new data about the growth of life insurance and about eighteenth-)] TJ ET BT 34.016 54.611 Td /F1 12.0 Tf [(century economic practices more generally and a persuasive account of where those p ractices came from )] TJ ET BT 34.016 563.315 Td /F3 12.0 Tf [(Review Number:)] TJ ET BT 34.016 549.059 Td /F1 12.0 Tf [(131)] TJ ET BT 34.016 534.803 Td /F3 12.0 Tf [(Publish date:)] TJ ET BT 34.016 520.547 Td /F1 12.0 Tf [(Saturday, 1 July, 2000)] TJ ET BT 34.016 506.291 Td /F3 12.0 Tf [(Author:)] TJ ET BT 34.016 492.035 Td /F1 12.0 Tf [(Geoffrey Clark)] TJ ET BT 34.016 477.779 Td /F3 12.0 Tf [(ISBN:)] TJ ET BT 34.016 463.523 Td /F1 12.0 Tf [(9780719056756)] TJ ET BT 34.016 449.267 Td /F3 12.0 Tf [(Date of Publication:)] TJ ET BT 34.016 435.011 Td /F1 12.0 Tf [(1999)] TJ ET BT 34.016 420.755 Td /F3 12.0 Tf [(Publisher:)] TJ ET BT 34.016 406.499 Td /F1 12.0 Tf [(Manchester University Press)] TJ ET BT 34.016 392.243 Td /F3 12.0 Tf [(Place of Publication:)] TJ ET BT 34.016 377.987 Td /F1 12.0 Tf [(Manchester)] TJ ET BT 34.016 363.731 Td /F3 12.0 Tf [(Reviewer:)] TJ ET BT 34.016 349.475 Td /F1 12.0 Tf [(Eve Rosenhaft)] TJ ET endstream endobj 8 0 obj << /Type /Font /Subtype /Type1 /Name /F1 /BaseFont /Times-Roman /Encoding /WinAnsiEncoding >> endobj 9 0 obj << /Type /Font /Subtype /Type1 /Name /F2 /BaseFont /Times-Italic /Encoding /WinAnsiEncoding >> endobj 10 0 obj << /Type /Font /Subtype /Type1 /Name /F3 /BaseFont /Times-Bold /Encoding /WinAnsiEncoding >> endobj 11 0 obj << /Type /XObject /Subtype /Image /Width 509 /Height 160 /Filter /FlateDecode /DecodeParms << /Predictor 15 /Colors 3 /Columns 509 /BitsPerComponent 8>> /Mask [ 255 255 255 255 255 255 ] /ColorSpace /DeviceRGB /BitsPerComponent 8 /Length 3280>> stream x[EQ㎦fVttҒ +3O{?lGDQԯDrB^.ϯ%~'0۠/2>0AG_>0j0GCfE67>rB^}@  !&y+r?INp:erc b8f=rQC!~-Wf^^zF[)G 2ޯe7V_Go3Ke GEGOo8rώ#\1ZY~N6^H}yLxS-!:412V+u\-LSO?xVvZ|GjǮT_8EYJF=Tw^ 7GxfN/S:Ʌ~ʟtt?5n÷J'JcF-GVξx{rO~tJd;#a\7}|~y'>}c2C vR}f׈**h.)_&@pfzjsx:5;S\vKhM5j=!Cn+h"u]a EUN]jn=k<,:Ք>sU!ni~6EJ)¦72?G}[y}_vc$t?iSܟ2Zݞ,VN?_`='RFK1A2qv&X_lLRWY'%:I㢖zb_UEx\>&ɆBˏ~K@ \gYØU4}$8Dv!'Q'*+Εj(UCGo[#< 2Ja(sZi9fZKE Rn`u\9r^Zmɯ׹}mstO4uc~#'jEvۼ Dx[z ޏQ4KL5,5u3>i^uÒ-53ba ~,~/pyt1fMU'CVm:qv~=Y'Es"WsφG?l_kN5}],Ow7 uh`xƫ?zMl7ٻv$A(4Dl(wwH} ?=[=S;yC]^BK>㕪9`Z'Wj;E|:bf>kCԘ#RY,iv쵗~}n'"1u" *uO΄/2^Sxr(!/DD\~mJyZ!MmrA!#u[if|99WB WΡpp}w}sh#,\ &:%˳X?D3 %W0cC?o̲^} F3XLVn]Cߖiϧ!7}yZJ#P7]=)7Ρp;>> Ye^xx{Oafw{ ;>4gfLt ʊ:q%#r/)pv!O4wGh|dS ӣݽހ-gVUC'pBxrB^} 7JA^} /'8!`:r?}}],X  }6y!`/~Br?}Q< >k7vx"] ,' .3jn{-i}|~%-};b6#U)7繎kiEw 㤳:E}[޼c"rꬊ7Dc$~"/Y&zSd:tFȌCrʙ`7u .#[-<)j ?TGS(j~oTup(hjU4PlJ=}|it.ҽ@\wʨuXÞZcx18Wo<~ikOg,ވ\^?EneyZcc0[R١z|zv7_m:_n]a?osS3~j^ hD.a_X'KfBX6w wݶ"Oa:,bvhrWH[uCF-Xfc}>x+Rz)2N-B 7y^٨;[/vg? | |2Sve}=o䑰j[vWjF0{굦?VI~}xM(_TlG__+]:#к?S} c>GŸD7 !w{S{B =x7a?oE#)+Gz:o_4Q<;n?\tt7?mGCџQGu4kņOF>F?#} hP&ђߴM#u!.СtL2^#o nIk_i.~7tr@n 1P~3?.[]=S5b߮~Yo^HFH YBi8a4iom>CKgMy*;?zqEӕ` >zB9iFzC?XF?ޟIܰ펉A}{I5ᄊx%ez#Mp@rߎpi]IOVjzuJt\۰f׺u5><,J~PTJp1)}){9N {!`/> endstream endobj 12 0 obj << /Type /Annot /Subtype /Link /A 13 0 R /Border [0 0 0] /H /I /Rect [ 197.0117 675.3895 357.3317 687.2695 ] >> endobj 13 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews) >> endobj 14 0 obj << /Type /Page /Parent 3 0 R /Contents 15 0 R >> endobj 15 0 obj << /Length 7766 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(and what they meant in the mental and social world of Augustan England, the book presents in compact and )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(readable form the outcome of a prodigious programme of research. It draws to varying degrees on the kinds )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(of studies listed abov e, taking in more conventionally 'cultural' themes like the history of the novel, political )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(theory and cosmological debates on the way. Clark also displays a wide and profound knowledge of the )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(economics of the period, deftly deploying information about t he national debt, incomes, property and credit )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(relations. The centrepiece of the book is a painstaking analysis of the records of a number of life insurance )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(enterprises, published and unpublished, and related archival sources; these range from individual life )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(insurance policies and supporting biographical data on insurers and insured, through the records of legal )] TJ ET BT 34.016 682.421 Td /F1 12.0 Tf [(cases, to printed publicity. Clark's close reading of the qualitative sources combined with a database analysis )] TJ ET BT 34.016 668.165 Td /F1 12.0 Tf [(of individual policies produce s a compelling picture of who bought life insurance and why.)] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(The period covered by the book is significant; it begins with the project for the first documented scheme for )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(providing survivors' benefits \(the Friendly Society for Widows\) and ends just after the passage of the )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(Gambling Act of 1774. It is a period in the history of life insurance which has up to now been under-)] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(researched, in spite of its acknowledged status as the 'pioneering phase' of the business. But Clark's focus on )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(these years is more than a gap-filling exercise; it represents a test of and a ch allenge to what was for a long )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(time the standard chronology and the most plausible account of the moral and intellectual roots of life )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(insurance. The key issue in this account is the balance between gambling \(or speculation\) and prudential )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(behaviour in t he motivations for insuring lives, or between risk-taking and risk-avoidance. This is in turn )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(related to the development and use of technologies for assessing and limiting risk \(statistical probabilism and )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(its application, through the systematic use of m ortality tables, in actuarial calculation\). In what Clark )] TJ ET BT 34.016 499.349 Td /F1 12.0 Tf [(provocatively calls a 'modernization' thesis, the conventional genealogy has located the beginnings of 'real' )] TJ ET BT 34.016 485.093 Td /F1 12.0 Tf [(life insurance in the 1760s and 1770s, building on a typology that defines modern lif e insurance as the )] TJ ET BT 34.016 470.837 Td /F1 12.0 Tf [(application of a complex technology to a simple end. From 1762 on, the Equitable Society began to combine )] TJ ET BT 34.016 456.581 Td /F1 12.0 Tf [(the practice of premium insurance with the actuarial techniques that allowed underwriters to balance )] TJ ET BT 34.016 442.325 Td /F1 12.0 Tf [(premiums realistically agai nst benefits in terms of the expectation of life of the insured. This made )] TJ ET BT 34.016 428.069 Td /F1 12.0 Tf [(certainty, or predictability, possible and thus transformed life insurance into an effective system for )] TJ ET BT 34.016 413.813 Td /F1 12.0 Tf [(providing for the future. The Gambling Act of 1774 banned the purchase of insurance on lives in which the )] TJ ET BT 34.016 399.557 Td /F1 12.0 Tf [(policyholder did not have a real and documented financial interest. The Act brought an end to the kind of )] TJ ET BT 34.016 385.301 Td /F1 12.0 Tf [(insurance that was no more than a bet on whether someone would live or die, imprinting the life insurance )] TJ ET BT 34.016 371.045 Td /F1 12.0 Tf [(policy hen ceforth with the character of document of dependency and/or obligation. The vision of these years )] TJ ET BT 34.016 356.789 Td /F1 12.0 Tf [(as a watershed, then, has everything to do with our own perception of life insurance as a prudential )] TJ ET BT 34.016 342.533 Td /F1 12.0 Tf [(institution whose purpose is to underwrite personal a nd family security. This is a perception which the life )] TJ ET BT 34.016 328.277 Td /F1 12.0 Tf [(insurance business since its inception has worked hard to reinforce, and the extent to which it continued to )] TJ ET BT 34.016 314.021 Td /F1 12.0 Tf [(coexist with profiteering and speculation has been explored by Robin Pearson, in an arti cle on the uses of )] TJ ET BT 34.016 299.765 Td /F1 12.0 Tf [(life insurance in the nineteenth century. The power of the myth is suggestive, however, and the cornerstone )] TJ ET BT 34.016 285.509 Td /F1 12.0 Tf [(of the argument that defines the watershed is indeed the thesis of a historically new vision of family which )] TJ ET BT 34.016 271.253 Td /F1 12.0 Tf [(life insurance \(wh en it worked\) served: middle-class domesticity.)] TJ ET BT 34.016 244.997 Td /F1 12.0 Tf [(In the context of her work on the history of probability, Lorraine Daston proposed an imaginative synthesis )] TJ ET BT 34.016 230.741 Td /F1 12.0 Tf [(which integrated all these elements while offering an answer to a problem which has puzzled historians of )] TJ ET BT 34.016 216.485 Td /F1 12.0 Tf [(science and insurance historians alike: Since the publication of Halley's tables of mortality for Breslau in )] TJ ET BT 34.016 202.229 Td /F1 12.0 Tf [(1693, the English and European publics had displayed a growing awareness of and interest in methods for )] TJ ET BT 34.016 187.973 Td /F1 12.0 Tf [(deriving the probable length of any individual life from the collective experienc e of past populations. Halley )] TJ ET BT 34.016 173.717 Td /F1 12.0 Tf [(himself developed his tables in the expectation that they would be applied to the calculation of annuities, and )] TJ ET BT 34.016 159.461 Td /F1 12.0 Tf [(as early as 1742 a handbook \(Simpson\) for working out the cost of pensions on the basis of mortality )] TJ ET BT 34.016 145.205 Td /F1 12.0 Tf [(statistics was in circulation. But even in the 1760s the Equitable was exceptional in applying systematic )] TJ ET BT 34.016 130.949 Td /F1 12.0 Tf [(actuarial accounting; well into the 1770s, both in England and on the Continent, people blithely went on )] TJ ET BT 34.016 116.693 Td /F1 12.0 Tf [(creating life insurance and pension schemes, not so mu ch in ignorance as in \(apparently\) wilful defiance of )] TJ ET BT 34.016 102.437 Td /F1 12.0 Tf [(available knowledge and techniques. To explain this manifestation of cognitive dissonance, Daston proposed )] TJ ET BT 34.016 88.181 Td /F1 12.0 Tf [(a transition in popular values: The evidence of public discussions and moral complaint indic ated that in the )] TJ ET BT 34.016 73.925 Td /F1 12.0 Tf [(early eighteenth century life insurance was an essentially speculative activity, and in most Contintental )] TJ ET BT 34.016 59.669 Td /F1 12.0 Tf [(countries the association between insurance and gambling was strengthened by the treatment of insurance )] TJ ET endstream endobj 16 0 obj << /Type /Page /Parent 3 0 R /Contents 17 0 R >> endobj 17 0 obj << /Length 7485 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(policies as aleatory contrac ts in law. While this was the case, Daston argued, there was no advantage to the )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [('players' in reducing the element of risk. Rather, people began to find actuarial techniques for risk-reduction )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(relevant and attractive when their motivations for buying li fe insurance changed under the influence of )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(emerging values of thrift and domesticity.)] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(Clark's work offers a serious challenge to this hypothesis, and does so essentially by extending both the )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(depth and the range of evidence for what people were doing before the watershed. He begins with a )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(challenge to the typology, arguing that in order to avoid anachronism the definition of life insurance in the )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(eighteenth century must be expanded well beyond premium insurance to include all schemes for the )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(provision of death benefits. \(In fact he goes beyond even this taxonomy in his treatment of the 'Little Goes', )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(or schemes for insurance against such contingencies as marriage, birth or the completion of apprenticeship, )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(on the grounds that they modelled their operations on those of life insurers. On the other hand, he has little to )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(say about life an nuities\) The 60 life insurance societies he cites \(many of them simply to note that they have )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(left only their names in the records\) thus include a large number - including the very first foundation - whose )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(stated aims at least were prudential and even c haritable and whose benefits were modest. The advantage of )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(casting the net so widely is that it brings up compelling evidence of real fluidity and overlap in the practices )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(of these societies, competing as they were to find the formula that would attract and retain the optimum )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(share of a substantial but circumscribed investing public. How each type of society worked \(or failed to )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(work\), the fine calculations and gross economic premisses which underlay the multifarious variations on )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(contributorship, ton tine, reversionary annuity and premium insurance, are described in some detail but with )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(considerable lucidity.)] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(More important, in terms of the general argument, Clark has analysed both the qualitative and quantitative )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(evidence minutely in order to ascertain what people \(thought they\) were doing when they sold and bought )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(life insurance. Alongside the spectacular e xamples of gambling on lives, Clark finds numerous cases )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(suggesting speculative motives for buying or retaining life insurance policies, even among small-scale )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(purchasers. But these are balanced by other evidence. Among Clark's most fascinating and sug gestive )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(empirical finds is evidence of life insurance 'networks', in which men and women related by service, kinship )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(and/or place of residence bought, sold and traded in policies on each other's lives. His suggested explanation )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(for this is that life ins urance was being used to collateralise loans, a hypothesis supported by the fact that )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(married women and widows were notably active in the insurance market at this level. This phenomenon )] TJ ET BT 34.016 359.045 Td /F1 12.0 Tf [(indicates at the very least that even in its early phases life insu rance was being used as a medium in social )] TJ ET BT 34.016 344.789 Td /F1 12.0 Tf [(transactions, creating and cementing functional relationships. This is not yet domesticity, nor is it even )] TJ ET BT 34.016 330.533 Td /F1 12.0 Tf [(particularly middle class \(since these networks included tradespeople and domestic servants as well as )] TJ ET BT 34.016 316.277 Td /F1 12.0 Tf [(representatives of the salaried and professional strata who classically are associated with the 'middling sort'\). )] TJ ET BT 34.016 302.021 Td /F1 12.0 Tf [(But as already noted, the provision for widows and orphans was a central concern of many life insurance )] TJ ET BT 34.016 287.765 Td /F1 12.0 Tf [(societies, and the participation in them of leading representatives of the 'middling sort', notably clergy from )] TJ ET BT 34.016 273.509 Td /F1 12.0 Tf [(all points in the hierarchy, indicates that insofar as the values of social improvement, self-help and provision )] TJ ET BT 34.016 259.253 Td /F1 12.0 Tf [(for family security associated with middle-class consciousness sus tained the life insurance project, they )] TJ ET BT 34.016 244.997 Td /F1 12.0 Tf [(were doing their work well before the last quarter of the century.)] TJ ET BT 34.016 218.741 Td /F1 12.0 Tf [(Closely associated with this is Clark's insistence on the rationality of early life insurance practice. Far from )] TJ ET BT 34.016 204.485 Td /F1 12.0 Tf [(ignoring current knowledge about mortality, the founders of nearly every life insurance society drew on )] TJ ET BT 34.016 190.229 Td /F1 12.0 Tf [(existing data to project the likely r ate of death of insured subjects, and they made a point of these )] TJ ET BT 34.016 175.973 Td /F1 12.0 Tf [(calculations in their advertising. What they came up with were rule-of-thumb figures, and they were )] TJ ET BT 34.016 161.717 Td /F1 12.0 Tf [(surprisingly slow to take on board the idea of age-specific life expectancy. But, as Cl ark points out, the )] TJ ET BT 34.016 147.461 Td /F1 12.0 Tf [(eighteenth century's masses of figures and intensive discussion of how to apply them did not add up to )] TJ ET BT 34.016 133.205 Td /F1 12.0 Tf [(consensus about actuarial techniques, so that the insurers' resistance to technical refinements beyond crude )] TJ ET BT 34.016 118.949 Td /F1 12.0 Tf [(averages reflected a re alistic assessment of their usefulness. And when insurers abstained from abandoning )] TJ ET BT 34.016 104.693 Td /F1 12.0 Tf [(common sense and everyday experience as touchstones for the estimate of individual longevity in favour of )] TJ ET BT 34.016 90.437 Td /F1 12.0 Tf [(statistically-derived probability, it was as much a silent comme nt on the untried character of mathematical )] TJ ET BT 34.016 76.181 Td /F1 12.0 Tf [(techniques as a manifestation of the pre-probabilistic mentality that they \(probably\) shared with their )] TJ ET BT 34.016 61.925 Td /F1 12.0 Tf [(subscribers. Indeed, Clark argues, not ignorance but awareness of the imperfect state of actuarial knowled ge )] TJ ET endstream endobj 18 0 obj << /Type /Page /Parent 3 0 R /Contents 19 0 R >> endobj 19 0 obj << /Length 7549 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(can explain and rationalise such apparently primitive practices as the contributorship and the mortuary )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(tontine, which operated to balance the unpredictability of outcome by limiting the extent of possible loss.)] TJ ET BT 34.016 755.957 Td /F1 12.0 Tf [(This is a reminder, though, of how risky - and hence how adventurous - the life insurance project always )] TJ ET BT 34.016 741.701 Td /F1 12.0 Tf [(was. When it came to the doubly problematic business of providing survivors' pensions \(doubly problematic )] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(because it depended on assessing the joint life expectancy of two people\), the most successful operation was, )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(after all, the most conservative one - even though it was also technically sophisticated: The Church of )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(Scotland's 1779 scheme for widows' pensions worked because its organisers were abl e to draw on a body of )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(mortality data which was comprehensive, closed and 100% comparable to its subscriber population \(the )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(lives of past Church of Scotland ministers\) and because it was applying the data in turn to a closed )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(community \(living Church of Sc otland ministers\). If we are to apply the epithet 'modern' to any category of )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(life insurance enterprise, it must go to those which embarked with uncertain knowledge on the business of )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(constantly recruiting from the general public \(as the Church of Scotla nd's bolder imitator, the Scottish )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(Widows, would do in 1812\). What is striking about the societies examined by Clark is how many of them, )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(even when they formally set upper limits on the number of subscribers, were already thinking very big and )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(looking to attract custom from a wide range of potential customers. Even those who purchased life insurance )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(from prudential motives were stepping outside of familiar ways of saving and providing to buy into a )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(vision - and a community of risk - that was potentiall y limitless.)] TJ ET BT 34.016 530.117 Td /F1 12.0 Tf [(If there is a disappointment in this book, then, it is that it doesn't quite manage to balance the evidence for )] TJ ET BT 34.016 515.861 Td /F1 12.0 Tf [(Augustan rationality against a consideration of the imaginative world - the fantasies and desires - that fuelled )] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(the market for life insurance. Both the schemes of life insurance entrepreneurs and the rhythms of the market )] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(for policies show us the buyers and sellers of life insurance as self-conscious and enthusiastic participants in )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(a new kind of economic culture epitomised and fuelled by the 'realised alchemy' \(Isaac de Pinto\) of public )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(finance: The projectors of new schemes at the beginning of the century looked to cushion their operations )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(and generate profit through investment in government bonds and lottery tickets, and as their operation s )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(grew some of them expanded into banking services. They were deeply implicated in the speculative boom )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(associated with the South Sea Bubble. Similarly, overall numbers of policyholders rose sharply in the first )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(decade, to peak at around 10,000 before t he Bubble burst, and declined sharply thereafter. For the public at )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(large the 'alchemy' of public finance was reproduced in the explosion of private credit, the magic of )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(compound interest, the discovery of the self-reproducing powers of money which coin cided the )] TJ ET BT 34.016 359.045 Td /F1 12.0 Tf [(multiplication of things to spend it on. The extent to which elements of imagination, taste and fashion )] TJ ET BT 34.016 344.789 Td /F1 12.0 Tf [(continued to operate in the life insurance market \(as the South Sea Bubble itself was pumped up by popular )] TJ ET BT 34.016 330.533 Td /F1 12.0 Tf [(fantasy\) is suggested by its rec overy in the 1760s; Clark can find no clear material explanation for this, but )] TJ ET BT 34.016 316.277 Td /F1 12.0 Tf [(notes that it coincided with a wave of new foundations on the Continent. Not only the volume of )] TJ ET BT 34.016 302.021 Td /F1 12.0 Tf [(policyholding, but the selective pattern of its spread outward from the metropo lis and the key role of )] TJ ET BT 34.016 287.765 Td /F1 12.0 Tf [(printers and stationers as buyers and sellers of policies at an early stage \(both identified and analysed by )] TJ ET BT 34.016 273.509 Td /F1 12.0 Tf [(Clark\) are reminders that life insurance presented itself to the first generation of potential purchasers as an )] TJ ET BT 34.016 259.253 Td /F1 12.0 Tf [(innovation and ar ticle of consumption, desired only insofar as it was known and desirable insofar as )] TJ ET BT 34.016 244.997 Td /F1 12.0 Tf [(information about it was transmitted through media both formal and informal.)] TJ ET BT 34.016 218.741 Td /F1 12.0 Tf [(Clark himself makes clear how in a consumer society 'need' was subject to redefinition in the light of what )] TJ ET BT 34.016 204.485 Td /F1 12.0 Tf [(might be had, in his account of the clerical 'poverty' that was adduced to legitimate the creation of funds for )] TJ ET BT 34.016 190.229 Td /F1 12.0 Tf [(ministers' widows and orphans. In doing so he illustrates a paradox which \(this reviewer would argue\) is )] TJ ET BT 34.016 175.973 Td /F1 12.0 Tf [(constitutive for the project of life insurance at all times: The clergymen who embodied and promoted the )] TJ ET BT 34.016 161.717 Td /F1 12.0 Tf [(respectable uses of the new technology were the same men who wanted a way to buy the future on )] TJ ET BT 34.016 147.461 Td /F1 12.0 Tf [(installments because their consumption habits meant they were living beyond their means -- just as the )] TJ ET BT 34.016 133.205 Td /F1 12.0 Tf [(information revolution realised by the printers and stationers who dealt in insurance policies gave people )] TJ ET BT 34.016 118.949 Td /F1 12.0 Tf [(access more or less indiscr iminately to treatises on mortality, tracts on domestic virtue, and the )] TJ ET BT 34.016 104.693 Td /F1 12.0 Tf [(advertisements of frauds and speculators. It is not for want of sensitivity to the relevant issues that Clark )] TJ ET BT 34.016 90.437 Td /F1 12.0 Tf [(fails to articulate this paradox. The chapter explicitly devoted to ' life insurance in its cultural context' is )] TJ ET BT 34.016 76.181 Td /F1 12.0 Tf [(wide-ranging and suggestive in its treatment of the role played by questions about the relationships between )] TJ ET BT 34.016 61.925 Td /F1 12.0 Tf [(freedom and order, liberty and security, determination and chance in the Augustan mental landscape. It )] TJ ET endstream endobj 20 0 obj << /Type /Page /Parent 3 0 R /Annots [ 22 0 R ] /Contents 21 0 R >> endobj 21 0 obj << /Length 3955 >> stream 0.000 0.000 0.000 rg 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(concludes with the statement that 'what really fired the Augustan imagination was the possibility of making a )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(new world by simultaneously diminishing unwanted risks, generating wealth, and promoting Christian )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(ethics' \(p. 59\). The sheer glamour inherent in the credit economy is an important feature of Clark's account )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(of the first foundings, and in an eloquent epilogue he returns the emphasis to the culture of capitalism. In the )] TJ ET BT 34.016 739.445 Td /F1 12.0 Tf [(end, though, the 'hard' data and the urge to produce a narrative challenge to 'modernisation' transform the )] TJ ET BT 34.016 725.189 Td /F1 12.0 Tf [(paradox \(after all\) into a symptom of immaturity, while reproducing an exaggerated dichotomy: 'Had the )] TJ ET BT 34.016 710.933 Td /F1 12.0 Tf [(Amicable and the other first-generation firms prevailed by staving off the fraudulent interlopers who sapped )] TJ ET BT 34.016 696.677 Td /F1 12.0 Tf [(the publ ic's confidence in co-operative life insurance, or by curbing the frankly speculative uses of life )] TJ ET BT 34.016 682.421 Td /F1 12.0 Tf [(insurance which injured the long-term interests of policyholders, the insurance business might have evolved )] TJ ET BT 34.016 668.165 Td /F1 12.0 Tf [(along a much different path that would have kept it in closer contact with voluntary modes of organization, )] TJ ET BT 34.016 653.909 Td /F1 12.0 Tf [(charitable activity, and social movements for the promotion of improved morals and national prosperity.' \(p. )] TJ ET BT 34.016 639.653 Td /F1 12.0 Tf [(105\))] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(To point to the unresolved tensions and open questions in )] TJ ET BT 313.340 613.397 Td /F2 12.0 Tf [(Betting on Lives)] TJ ET BT 391.340 613.397 Td /F1 12.0 Tf [( is, however, is to recall its )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(virtues. Clark's arguments about the genealogy of life insurance may need to be revised in the light of )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(comparable studies of contemporaneous events on the Continent \(which witnessed a similar conjuncture of )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(ideas and practices in very different legal and economic contexts and with quite distinct long-term )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(institutional outcomes\) and of subsequent developments in British life insurance culture. But in its )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(perceptiveness and intellectual ambition as well as in the work of empirical research it incorporates, his is a )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(genuinely pioneering work. It brings the study of life insurance definitively into the purview of social history )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(and provides an example of how the historical studies of 'economics' and 'culture' can be fruitfully combined. )] TJ ET BT 34.016 499.349 Td /F1 12.0 Tf [(Clark has more than re-set the research agenda; we can be grateful that he has left the rest of us something to )] TJ ET BT 34.016 485.093 Td /F1 12.0 Tf [(do.)] TJ ET BT 34.016 458.837 Td /F3 12.0 Tf [(Other reviews:)] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [([2])] TJ ET 0.75 w 0 J [ ] 0 d 34.391 439.855 526.499 1.500 re S BT 34.016 422.075 Td /F3 12.0 Tf [(Source URL:)] TJ ET 0.000 0.000 0.800 rg BT 104.672 422.075 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews/review/131)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 104.672 420.681 m 322.316 420.681 l S 0.000 0.000 0.000 rg BT 34.016 395.704 Td /F3 12.0 Tf [(Links:)] TJ ET BT 34.016 381.304 Td /F1 12.0 Tf [([1] http://www.history.ac.uk/reviews/item/743)] TJ ET BT 34.016 366.904 Td /F1 12.0 Tf [([2] http://www.history.ac.uk/reviews)] TJ ET endstream endobj 22 0 obj << /Type /Annot /Subtype /Link /A 23 0 R /Border [0 0 0] /H /I /Rect [ 104.6717 420.9955 322.3157 432.8755 ] >> endobj 23 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews/review/131) >> endobj xref 0 24 0000000000 65535 f 0000000008 00000 n 0000000073 00000 n 0000000119 00000 n 0000000349 00000 n 0000000386 00000 n 0000000579 00000 n 0000000661 00000 n 0000005321 00000 n 0000005430 00000 n 0000005540 00000 n 0000005649 00000 n 0000009210 00000 n 0000009338 00000 n 0000009422 00000 n 0000009487 00000 n 0000017306 00000 n 0000017371 00000 n 0000024909 00000 n 0000024974 00000 n 0000032576 00000 n 0000032660 00000 n 0000036668 00000 n 0000036796 00000 n trailer << /Size 24 /Root 1 0 R /Info 5 0 R >> startxref 36891 %%EOF