Ebook: The new financial order: risk in the 21st century

[In this book, the author] describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions - risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so [his] plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, [he] gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what [he] says should be read and heeded by anyone with a stake in the economy.-Dust jacket.;Introduction: Promise of economic security -- Economic risks in an advancing world: What the world might gave looked like since 1950; Hidden problem of economic risk; Why new technology creates risks; Forty thieves, the many kinds of economic risks -- How science and technology create new opportunities in finance: New information technology applied to risk management; Science of psychology applied to risk management; Nature of invention in finance -- Six ideas for a new financial order: Insurance for livelihoods and home values; Macro markets, trading the biggest risks; Income-linked loans, reducing the risks of hardship and bankruptcy; Inequality insurance, protecting the distribution of income; Intergenerational social security, sharing risks between young and old; International agreements for risk control -- Deploying the new financial order: Global risk information databases; New units of measurement and electronic money; Making the ideas work, Research and advocacy -- New financial order as a continuation of a historical process: Lessons from major financial inventions; Lessons from major social insurance inventions -- Epilogue: Model of radical financial innovation.