Risk, Power, and Inequality in the 21st Century provides a groundbreaking new analysis of the increasingly important relationship between risk and widening inequalities. The massive, and often unequal, impacts of contemporary risks are recognized widely in popular discussions – be it the fall-out from the 2008 financial crisis or Hurricane Katrina – yet there is a distinct neglect in social science of the overall systemic impacts of these risks for increasing inequalities. This book moves beyond this lacuna to identify novel intersections of risk and inequalities. It shows how key processes associated with risk society – the social production and distribution of risks as side-effects – are intensifying inequalities in fundamental ways. In articulating how risk is intensifying both the social sources of suffering of the least advantaged and the power of the most advantaged, this book realizes a significant rethinking of risk, power, and inequalities in contemporary society.

This book provides selections from the seminal works of Karl Marx, Max Weber, W.E.B. Du Bois, and Charlotte Perkins Gilman that reveal some of the reasons why class, race, and gender inequalities have proven very adaptive and can flourish even today in the 21st century.

What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.

In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller 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 Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller 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 Robert Shiller says should be read and heeded by anyone with a stake in the economy.

From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.

Twenty years ago Ulrich Beck published Risk Society, a book that called our attention to the dangers of environmental catastrophes and changed the way we think about contemporary societies. During the last two decades, the dangers highlighted by Beck have taken on new forms and assumed ever greater significance. Terrorism has shifted to a global arena, financial crises have produced worldwide consequences that are difficult to control and politicians have been forced to accept that climate change is not idle speculation. In short, we have come to see that today we live in a world at risk. A new feature of our world risk society is that risk is produced for political gain. This political use of risk means that fear creeps into modern life. A need for security encroaches on our liberty and our view of equality. However, Beck is anything but an alarmist and believes that the anticipation of catastrophe can fundamentally change global politics. We have the opportunity today to reconfigure power in terms of what Beck calls a 'cosmopolitan material politics’. World at Risk is a timely and far-reaching analysis of the structural dynamics of the modern world, the global nature of risk and the future of global politics by one of the most original and exciting social thinkers writing today.