“We presume the state is so large and powerful that a virtually limitless amount of risk can be piled onto the state with no consequences.  Offloading risk onto the state does not make the risk vanish; it simply concentrates the risk of collapse into the state itself. From the historical perspective, concentrating virtually all systemic risk into the state is a Grand Experiment. Cheap, abundant oil, expanding working-age populations and rapidly increasing productivity conjured the illusion that the state was large enough and powerful enough to absorb infinite risk with no real consequence.”

http://charleshughsmith.blogspot.com/2013/08/the-grand-experiment-offloading-risk.html

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