Description

Of the sectors comprising international capital markets, insurance and reinsurance have attracted relatively little attention from students of politics. New social conventions and financial instruments arising from the invention of probabilistic calculation and the discovery of risk began to spread around the world five centuries ago. Today, states and firms are harnessing the logic of insurance to address an expansive array of risks confronting their societies. In Insuring States in an Uncertain World, Louis Pauly examines the history and politics of pragmatic experiments aimed at governing complex global risks. His fascinating and accessible narrative explores the promise and the challenges of multi-faceted insurance arrangements in arenas ranging from nuclear energy production and international financial intermediation to those focused on environmental change, infectious diseases, and disruptive new technologies. At a time when the foundations of global order are under mounting stress, Pauly makes the case for limited and effective political innovation.