EAN: 9781009100120

FRAGILE FUTURES - VITO TANZI GEBUNDEN

This book revisits a distinction introduced in 1921 by economists Frank Knight and John Maynard
Keynes: that between statistically predictable future events ('risks') and statistically
unpredictable  uncertain events ('uncertainties'). Governments have generally ignored the
latter  perceiving phenomena such as pandemics  natural disasters and climate change as
uncontrollable Acts of God. As a result  there has been little if any preparation for future
catastrophes. Our modern society is more interconnected and more globalized than ever. Dealing
with uncertain future events requires a stronger and more globally coordinated government
response. This book suggests a larger  more global government role in dealing with these
disasters and keeping economic inequalities low. Major institutional changes  such as
regulating the private sector for the common good and dealing with special harms  risks and
crises  especially those concerning climate change and pandemics  are necessary in order to
achieve any semblance of future progress for humankind.

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