Financial Risks and the Division of Moral Labour

Abstract

AbstractModern society is characterised by the constant production, commodification, and distribution of risks, which has also become an increasingly important political issue. Given the commodification and the resulting distributability of risks, risks have become an issue of distributive justice instead of mere reason for precautionary concerns. This is particularly pronounced in the case of financial risks. In this article, we analyze how choices related to distributive justice inform the systems of risk distribution. Our main aim is to apply the Rawlsian notion of “division of moral labor” in the context of financial risks. By an analysis of the scope of financial risks, we will show that the libertarian choice of division of moral labour rests on an unnecessarily narrow idea of the scope of the distribution of risks.