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| Book Review | The Journal of American History, 90.3 | The History Cooperative
90.3  
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December, 2003
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Book Review



When All Else Fails: Government as the Ultimate Risk Manager. By David A. Moss. (Cambridge: Harvard University Press, 2002. viii, 456 pp. $39.95, ISBN 0-674-00757-3.)

David A. Moss's carefully researched and reasoned study interprets a wide array of government policies as risk management in the sense of risk reallocation, in juxtaposition to programs of risk reduction, risk regulation, and redistribution of income or wealth. These latter attempt to change expected outcomes, whereas risk reallocation policies seek to make individuals' expected outcomes more certain. Moss argues, "risk management constitutes one of the fundamental ways in which government policymakers solve problems" (p. 292). 1
      The range of covered policy areas is wide and diverse. In historical sequence they include limited liability of corporate stockowners, money, bankruptcy, workers' insurance, social security, product liability, natural disasters, insolvency of private insurance companies, environmental liability, and so on. Historical and analytical aspects of those topics are deeply and clearly presented. . . .

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