FIN 3715 Chapter : Ascent Of Money 3
Document Summary
Ascent of money 3 (pay attention to chicago school of economics and chile) Struggle to overcome risk has been a challenge in history we want to be financially secure: we want calculable risk, but we are stuck with random uncertainty victims of katrina. Looking at problem with insurance during katrina: st. bernard parish flooded, lawyer, targeting insurance companies who did not pay genuine claims from. People can"t live there anymore because they can"t insure their homes. Insurance is trying to cope with risks of future: large groups of people are easier to predict, how many will die, and when. First welfare super power was japan (thought to be u. k. ) New idea that state should take care of risk. It was to promote war fare: state healthcare would ensure fitter populous and a bigger body of people for an army for emperor, world was too dangerous to rely solely on private insurance, risk was nationalized.
