Defining risk

Risk is the focal topic in the management of many activities and technologies. For that management to be successful, an explicit and accepted definition of the term risk is essential. Creation of that definition is a political act, expressing the definers' values regarding the relative importance of different possible adverse consequences for a particular decision. Those values, and with them the definition of risk, can change with changes in the decisionmaker, the technologies considered, or the decision problem. After a review of the sources of controversy in defining risk, a general framework is developed, showing how these value issues can be systematically addressed. As an example, the approach is applied to characterizing the risks of six competing energy technologies, the relative riskeness of which depends upon the particular definition used.     

Headlong into the Polanyian Dilemma: The Impact of Middle-Class Moral Panic on the British Government's Response to the Sub-prime Crisis

This article focuses on the discursive construction in Britain of a middle-class moral panic occasioned by the distress caused to self-styled 'responsible mortgage borrowers' by falling house prices. In the context of the move towards asset-based welfare the sub-prime crisis manifested itself most obviously in the popular consciousness as a threat to housing market wealth. The Labour government used the political space opened up by the narrative of middle-class moral panic in order to protect banks' balance sheets from the consequences of their own failed investments in mortgage-backed securities. The ensuing arrangements immunised banks from the implications of market self-regulation in the first-phase response to the sub-prime crisis while simultaneously allowing them to continue to impose the experience of market self-regulation on their customers. An increasingly asymmetric approach to banking regulation has arisen analogous to that which Karl Polanyi associated with the contradictory co-existence of market and non-market forms.     

Environmental Security and New Middle Powers: The Case of South Korea

This article considers the role of new middle powers in the climate change debate. We focus on the issue of “green growth.” We argue that new middle powers such as South Korea are increasingly proactive in promoting this green growth agenda and, as a result, challenging conventional realist and liberal approaches and expectations to new middle powers. This diplomacy is aiming to bridge states, great and small, by leading to strategic breakthroughs in the current climate change negotiation deadlock. The article discusses South Korea’s green growth initiative and identifies how this initiative affects South Korea’s middle power role in the global environmental debate with respect to its inclusion in the Environment Integrity Group and its initiative the Global Green Growth Institute (GGGI).