Summary of Lecture 2: Risk

The notion of risk unlocks some of the most basic characteristics of the world in which we now live. Risk isn't the same as hazard or danger and it has negative and positive aspects. Capitalism is unthinkable and unworkable without risk. The idea of risk has always been involved in modernity, but in the current period risk assumes a new and peculiar importance. There are two types of risk. One is external risk and the other is manufactured risk. External risk is a traditional nature risk and manufactured risk is created by our developing knowledge upon the world. Manufactured risk is becoming predominant. In situations of manufactured risk, we cannot simply accept the findings which scientists produce, because the balance of benefits and dangers from scientific and technological advance, and other forms of social change too, is imponderable. More public means of engaging with science and technology wouldn't do away with the quandary of scaremongering versus cover-ups, but it might allow us to reduce some of its more damaging consequences. Risk always needs to be disciplined, but active risk-taking is a core element of a dynamic economy and an innovative society.