1. The concept of risk:
when? appeared in 16th - 17th centuries
Who? by Western explorers
Where? Their voyages across the world
How? It refers to sailing into uncharted waters --> banking and investment--> a wide range of ohter situations of uncertainty
Which language? Spanish or Portuguese --> English
* Risk = hazard or danger= future possibilities (future-oriented)
* Risk = the condition of excitement and adventure
* Risk = involedd a number of unknowns
2. Two aspects of risk:
A- Negative: affect health--> to reduce as far as possible --> insurance
B- Positive: It is involed in modernity --> a way to regulating the future--> attemps to control the future --> force us to look for different ways of relating uncertainty
3. Types of risk:
A- Extenal risk:
risk experienced as coming from the outside, from the fixities of tradition or nature.
risk from external nature: bad harvests, floods, plagues, famines (environmental risk)
B- Manufactured risk: created by the very impact of our developing knowledge upon the world.
Risk situations which we don't have much historical experience to deal with.
ex: environmental risk<-- global warming<-- globalisation red wine: although many people know that red wine is harmful for their health, they still drink. That is a risk created by themselves. --> To cope (reduce) the rise of manufactured risk: to limit responsibility by adopting 'precautionary principle' (copying with problems of risk and responsibility)
4. Conclusion:
- Our age isn't more dangerous (not more risky) than those of ealier generations.
- The balance of risks and dangers has shifted.
- Risks (hazards) we creat are more threatenting than those from outside.
- Some of these affect us as individuals much more directly.
- Active risk-taking is a core element of dynamic economy and an innovative society.
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