ABSTRACT
The development of any new technology raises issues relating to the process of measuring or assessing risk and developing strategies to manage it (Cothern 1995; Singh 2006; Vogel 2003; Johnson and Covello 1987). From even the earliest times, humans have likely been aware of the benefits of group action in reducing risk. In forming a social structure, individuals who helped others to recover from hardships (such as a fire destroying their dwelling) understood that if needed, a similar benefit would be extended to them by other community members. Approaches to formal risk mitigation have become increasingly sophisticated over time. However, there are numerous examples of early approaches to transferring or distributing risk. The practice by Chinese merchants of distributing their wares across many boats to limit the loss due to any single vessel’s capsizing when traversing treacherous rivers dates back as far as the third millennium BC.
