The Distinctive Significance of Systemic Risk

This paper suggests that “systemic risk” (e.g., of financial market collapse, or of ecological calamity) has a distinctive kind of moral significance. Two intuitive data points need to be explained. The first is that the systematic imposition of risk can be wrongful or unjust in and of itself, even if harm never ensues. The second is that, even so, there may be no one in particular to blame. We can explain both ideas in terms of what I call responsibilities of “Collective Due Care.” Collective Due Care arguably precludes purely aggregative cost‐benefit decision‐making and requires one kind of “precautionary” attitude in public choice.     

The Tunisian Revolt: Learning from the Mistakes of the Iranian Revolution

The Great Arab Revolt of 2011 has moved swiftly from the peaceful overthrow of autocrats in the nation‐states of Tunisia and Egypt to brutal repression in the tribal societies of Libya, Syria, Bahrain and Yemen. Meanwhile, the wired youth bulge of the Middle East that brought change is dissipating into an impotent diaspora while the organized interests of the old regimes and the once‐suppressed Islamists charge ahead to power. This section examines the revolt, the reaction and the power struggles in its aftermath.     

Disarmament,with special reference to Asia

On February 20 M. V. dc Korostovetz read a paper on Soviet Russia and her Southern Neighbours. The subject was divided into four parts: (a) The general trend of Russia's foreign policy, which, whether Imperial or Bolshevik, has differed in method rather than aim; (b) the States from Turkey to China, lying to the south of the Soviet block, with special attention to Chinese Turkestan; (c) the Ukrainian attitude to Communism; and (d) an outline of the new canals planned to make the Volga the chief waterway of Russia at the expense of the Don, and, with the refortification of the Straits, to turn the Black Sea into a mare clausum.