I begin Chapter 9 by situating the lessons from the Irish case study within a broader theoretical context. Although there are particularities to all case studies, theoretical frameworks can be developed from in-depth investigations in specific contexts. In this chapter, I explore the relevance of the moral psychology of fairness and feelings of relative deprivation across several other case studies: in the United States, Sudan, Chile, France, and during the Arab Spring in North Africa and parts of the Middle East. Economic inequalities across multiple global regions are a key explanation for civic unrest, feelings of unfairness, and attempts at radical social change. The rise of populism and authoritarian leaders is the subject of the following chapter.

This paper proposes demoicratic representation as a subtype of representation in international organizational practice. It develops a social ontology of the People and theory of representation which underpins the thesis that the People is represented only by all the different types of representative persons who act within different types of governmental institutions and procedures of the People. A further important tenet of the paper is that democratic Peoples are accountable to each other as Peoples and to each other’s citizens. In a union of Peoples whose representatives act under any decision rule there is a possible second-order consent-deficit about the decision rule. Consequently, in demoi-cratic representation IOs ought to embody all the representative institutions of the People in their organization or be part of a system of mutual accountability and thereby assure demoicratic representation by IOs. Demoicratic representation ought not to be understood as working exclusively under the principle of consent. Rather it is the representational space in which the consent-deficit about the decision rule of inter-People relations is addressed and calibration sought.

This comprehensive yet accessible guide to enterprise risk management (ERM) for financial institutions contains all the tools needed to build and maintain an ERM framework. It discusses the internal and external contexts within which risk management must be carried out, and it covers a range of qualitative and quantitative techniques that can be used to identify, model and measure risks. This third edition has been thoroughly revised and updated to reflect new regulations and legislation. It includes additional detail on machine learning, a new section on vine copulas and significantly expanded information on sustainability. A range of new case studies includes Theranos and FTX.

Suitable as a course book or for self-study, this book forms part of the core reading for the Institute and Faculty of Actuaries’ examination in ERM.

I present the first of three possibilities for the future of economic development and inequality. In this scenario, the rich continue to get richer, leaving the rest of us behind. I describe four implications of this continued concentration of wealth. First, the super-rich will continue to disproportionately influence politics, furthering fragmentation and polarization in society and deepening civic discontent. Second, economic inequality will amplify ill-health. Third, poverty will persist despite increased aggregate prosperity. Fourth, the climate will continue to deteriorate to our collective detriment. This dystopian possibility underscores the urgency of imagining and pursuing alternative futures.

In this chapter, I explore the virtues of capitalism. I begin by acknowledging that exploring the virtues of capitalism is not in vogue, politically or in the academy. I present evidence, however, illustrating the reduction in extreme poverty throughout the world since the proliferation of industrial capitalism. This reduction in poverty has been uneven, bringing inequalities in the reduction of poverty. In the last forty years, levels of extreme poverty have stagnated or even increased. Although much of the world has benefited from increased prosperity, many have not. I then present evidence illustrating correlations between the increase in global prosperity from capitalism and increases in educational achievement and life expectancy, and decreases in child mortality. I next discuss the process of creative destruction as a driver of capitalism and, ultimately, prosperity – and how this process allowed India and China to escape mass poverty and emerge as economic powerhouses. In contrast to dominant discourse, recent evidence from Branko Milanovic suggests that the economic rise of China and India has led to reduced global inequality.

I present the second master narrative of economic development. I show how capitalism has created wealth and prosperity for many. I present evidence from Our World in Data showing the distribution of this wealth and prosperity, how it has varied over time, and how it is unequally distributed between various global regions. I situate this unequal global rise in inequality within discussions of Adam Smith and Karl Marx, whose ideas about capitalism and communism are put in dialogue and placed in historical context. I discuss some of the processes behind this unequal rise in global prosperity, and some of the ways in which poorer countries are poor and how they might escape poverty.

This chapter examines how IOs can contribute to the development of representative practices that strengthen global institutional legitimacy. More specifically, it argues that global representative practice can contribute to democratic legitimacy through a distinct set of constitutive representative activities, which function to cultivate – within socially and institutionally emergent groups holding democratic representative claims – those ties of political recognition, integration, and commitment required to constitute them as active and legitimizing democratic constituencies. IOs can engage in this constitutive representation through the orchestration of represented constituencies: intervening in relationships among representatives and their emergent constituents in ways that cultivate their collective legitimating qualities of political recognition, integration, and commitment. These claims are illustrated through an examination of the roles of the UN High Commission for Refugees (UNHCR) and the UN General Assembly (UNGA) as orchestrators of a transnational represented constituency of refugees, via their work in supporting a range of democratic commitments within the Global Compact on Refugees. Overall, this analysis shows how concepts of representation can be brought into closer alignment with the functional demands of democratic legitimation in the complex and dynamic political circumstances of contemporary global politics.

The chapter wishes to make a socio-historical and comparative contribution to the controversy arousing around business participation and the democratization of global governance through a comparison between the International Chamber of Commerce (ICC) and the International Organization of Employers (IOE) in the twentieth and twenty-first centuries. While these two organizations have claimed to represent business and private enterprises at the global level, and have benefited from the legitimization of intergovernmental organizations themselves (the ILO and the UN) for more than a century now, they have done so in a quite differentiated way, both in their external relationships with intergovernmental organizations as in the definition of their internal representativeness. This chapter first delves into the process of institutionalization of the representation of the ICC and IOE. It then reveals the logic of their internal organization, particularly in their relations with their members, employers’ associations and multinational corporations. It insists on their selection process and the way they have built a collective entity now referred to as ‘business’. By doing so, the chapter distinguishes the representation of the ICC and the IOE within international organizations from the representation of business within and by the ICC and the IOE, insisting on the need for a more differentiated and historically grounded perspective on business actors within global governance institutions.

This chapter looks at how risk appetite can be defined and how risk can be measured and used in further analysis.

This chapter describes the concept of economic capital and the construction of an economic capital model, as well as principles of capital allocation.

I begin this chapter by discussing people’s subjective and psychological interpretations of objective economic realities. I present social psychological evidence suggesting that people frequently misinterpret economic realities. I then present evidence from multiple sources illustrating the key point of the chapter: that the rich are getting richer. These data are from Our World in Data and are presented to illustrate how income and wealth inequality in Western neoliberal societies, and throughout the world, wax and wane over time. I critically assess the realities behind these figures and delve into the complexities behind changing patterns of economic inequality. I end the chapter by discussing the ways in which rising levels of contemporary income and wealth inequalities have permeated contemporary political realities.

This chapter describes the four modes of representation in international organizations—formal, operational, aspirational, and alternative. They are separate yet intertwined; they contend with yet depend on each other. Together they form the international system of representation. This is not simply descriptively true. The resort to, and the use of, the four modes is also optimal, under current conditions. All four are necessary, as for any successful system to evolve and maintain equilibrium there needs to be a variety of mechanisms available that allow for the balancing of competing values and the reconciliation of formal rules with the actualities of power and expectations of legitimacy, as the alignment will never be perfect. Importantly, the four modes allow a range of entry points for democratic legitimacy in the representative practices of international organizations, creating the possibility of change going forward and meeting that challenge. The international representational system of the four modes is thus second-best. Yet second best is better than any of the possible alternatives while the process of change slowly proceeds.

Within and through international institutions, public and private, international, transnational and national actors have reacted to recent crisis-phenomena in the field of international health, nuclear disarmament, and climate change by launching new political and legal initiatives. Broad coalitions of small and middle-sized states, including civil society organizations are currently pushing for major institutional reforms in and outside certain international institutions through complementary treaties reacting rather creatively to a perceived institutional stand-still often caused by great powers defending the legal and political status quo. The new treaty projects claim a specific legitimacy due to a stronger focus on those actors who are negatively affected by the existing regimes and their perceived deficiencies. The contribution describes these recent initiatives as a form of “corrective treaty making” promoted by coalitions of “the most affected” analyzing their legal and theoretical repercussions in the context of broader legitimation-narratives in the law of international institutions.