35. When the class of people who share a risk is EVERYONE ...
... it only makes sense to "insure" (share the economic impact of that risk) in the public sector. (I don't know why this isn't obvious.)
Insurance (sharing of economic risk) started with Lloyds of London ... a loose affiliation of shipping owners agreeing to share the risk of sunk ships. Since they were facing a risk shared only by a narrow few, it made sense to have a private organization. They only shared the economic risk -- nothing was done about the lives of the crew/passengers.
When EVERYONE shares the "risk" of old age, it makes sense to have OASDI at the public level. I argue the same for health.
It seems clear that 'government' is a form of insurance - against crime and war, if nothing else - for risks which are shared by all within a nation.
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