Risk, Social Protection and the World Market

Abstract

This paper sees market building in Asia as part of the larger project of constructing a global market economy – a project which can be traced back to Adam Smith and, more recently, to the founding of a set of global liberal institutions in the post-World War II period. In the last two decades the global liberal impulse behind the creation of these institutions has gained momentum, in step with the emergence of a “world market” of genuinely global scale. The issue of risk is central to the project of building a world market. Following an introduction to the global liberal project, the first section of this paper addresses the question of risk through a critical analysis of the difference between negative risks (both external and internal) that pose a threat to the global liberal project, and the positive risks that the project seeks to embed and incentivise. The second section outlines the treatment of risk in the literature on the “political economy of reform,” and the third provides a detailed analysis of Social Risk Management at the World Bank and the Asian Development Bank over the last decade. The final section reflects on the implications for “building markets in Asia.”

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