Research Overview

The DERISK project aims to address these challenges by developing a theory of risk democracy. This theory has three main goals: diagnosing how contemporary risks challenge existing democratic risk-sharing mechanisms, providing a framework for democratic responses to risk while preserving political equality and delineating appropriate utilisations of state power to govern specific systemic risks.

Systemic risks are those that emerge from the collective coordination of individual decisions within complex systems. Unlike risks caused by single actions, systemic risks stem from the dynamics inherent in the systems themselves. They are intrinsic to social systems rather than being solely triggered by external events like natural disasters. A classic example is seen in financial markets, where systemic risk governance frameworks have been developed to address crises. These systemic risks are increasingly managed through non-democratic technocratic approaches, exacerbating political inequalities and undermining welfare state risk-sharing mechanisms. While previous empirical research has highlighted the rise of technocratic authoritarianism in democracies, the connection between this trend and systemic risks requires further exploration.

Currently, democratic theory centers on the concept of risk-sharing within the context of welfare states, which are designed to mitigate individual risks through collective mechanisms. However, this framework falls short when confronted with systemic risks. DERISK endeavors to address this deficiency by delving into the political and normative facets of systemic risk, particularly within the realms of Western European and North American democratic governance. Through its analysis, DERISK aims to offer normative principles that can inform democratic responses to systemic risks, thereby providing guidance for effective democratic decision-making in the face of growing systemic risks.

DERISK aims to advance our theoretical conception of democracy by addressing systemic risks and inspiring further research into the relationship between democratic norms and contemporary risk governance. These aims will be met through a combination of philosophical analysis of systemic risk, fairness, and procedural democracy, theoretically informed investigation into how systemic risks are challenging democratic institutions, and a series of “normative case studies” focused on the political implications of the governance of different systemic risks: financial risk, pandemic risk, and climate change risk.