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The Ascent of Money: Episode 4 - Risky Business

Niall Ferguson looks at the origins of modern insurance in the early 19th century and to the
birth of the welfare state in post-war Japan.

Episode 4: The welfare state dismantled; rise of futures/derivatives/hedge-funds (the latter


being crucial to the crisis of 2008-09).

Episode 4: Risky Business. Life is a risky business – which is why people take out insurance. But faced
with an unexpected disaster, the state has to step in. Professor Ferguson travels to post-Katrina New
Orleans to ask why the free market can’t provide adequate protection against catastrophe. His quest
for an answer takes him to the origins of modern insurance in the early 19th century and to the birth of
the welfare state in post-war Japan.

Chapter 4: The Return of Risk [insurance].


Insurance is based on theattempt to offset future risk (176-77). The failure of insurance in New
Orleansafter Katrina (177-82). The nature of risk(182-84). The history of the moderninsurance industry
began in Scotlandwith Robert Wallace and AlexanderWebster, and was based on thedevelopment of
ideas related toprobability, life expectancy, the law of large numbers, normal distribution,utility,
and inference (184-99). Stateworkers’ insurance and the welfare stateare attributed to not to pressure
from theleft (never mentioned in this volumeexcept dismissively) but to Bismarck andpolitical self-
interest (199-211).Friedman celebrated for his role inprivatizing Chile’s pension system (211-19). The
U.S. social security systemcannot be sustained (219-22). Terrorismand climate change may be
sources of coming disasters (222-24). Hedge fundscelebrated as “smart” and “clearly agood business
in a risky world” (225-29;these pages are now anembarrassment…)

Pendakian dari Uang: Episode 4 - Bisnis Risky

Niall Ferguson melihat asal-usul asuransi modern di awal abad ke-19 dan ke kelahiran negara
kesejahteraan pasca-perang Jepang.

Episode 4: The negara kesejahteraan dibongkar; munculnya berjangka / derivatif / hedge-dana (yang
terakhir penting untuk krisis 2008-09).

Episode 4: Risky Business. Hidup adalah bisnis yang berisiko - yang mengapa orang mengambil asuransi.
Tapi setelah menghadapi bencana tak terduga, negara harus turun tangan. Profesor Ferguson perjalanan
pasca-Katrina New Orleans untuk bertanya mengapa pasar bebas tidak dapat memberikan perlindungan
yang memadai terhadap bencana. Usahanya untuk jawaban membawanya ke asal-usul asuransi modern
di awal abad ke-19 dan ke kelahiran negara kesejahteraan pasca-perang Jepang.
Bab 4: The Return of Risk [asuransi].

Asuransi didasarkan pada upaya untuk mengimbangi risiko masa depan (176-77). Kegagalan asuransi di
New Orleansafter Katrina (177-82). Sifat risiko (182-84). Sejarah industri asuransi modern mulai di
Scotlandwith Robert Wallace dan AlexanderWebster, dan didasarkan pada pengembangan ide-ide yang
berkaitan dengan probabilitas, harapan hidup, hukum bilangan besar, distribusi normal, utilitas, dan
kesimpulan (184-99). Asuransi Stateworkers dan negara kesejahteraan yang dikaitkan dengan tidak
tekanan dari kiri (tidak pernah disebutkan dalam volumeexcept ini acuh) tetapi untuk Bismarck dan
politik kepentingan (199-211) .Friedman dirayakan untuk perannya inprivatizing sistem pensiun Chili
(211- 19). AS sistem jaminan sosial tidak dapat dipertahankan (219-22). Perubahan iklim Terrorismand
mungkin menjadi sumber bencana datang (222-24). Hedge fundscelebrated sebagai "cerdas" dan "jelas
bisnis yang baik di dunia berisiko" (225-29; halaman ini sekarang anembarrassment ...)