Technical Report Liverpool Merchants versus Ohmi Merchants:How and Why They Dealt with Risk and Insurance Differently

Sakai, Yasuhiro

(No. A-19)  , pp.1 - 25 , 2016-07 , Center for Risk Research (CRR), Shiga University
The purpose of this paper is to intensively discuss and carefully compare theLiverpool Merchants of Britain and the Ohmi merchants of Japan in a historicalperspective. The question of much interest is how and why those two merchants dealtwith risk and insurance differently.In his later years, J.R. Hicks did a great contribution on the theory of economichistory. He paid a special attention to the rise of the market in which the merchantplayed as the main actor of the history theater. According to the Hicks doctrine, therelation between theory and history should not be one-to-one, but rather flexible to acertain degree. Therefore, it would be quite interesting to compare the Liverpoolmerchants of Britain and the Ohmi merchants of Japan. It will be seen that they wereengaged in their respective triangular trade, producing their respective socioeconomicsystems.In short, we have to take a pluralistic view in order to fully understand the conceptof risk and insurance from the viewpoint of economic history.

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