It is a commonplace assumption that human life has become increasingly risky, and the concept of risk has become increasingly central to social scientific investigation. In this paper the increasing riskiness of everyday life is explored through an analysis of the origins, development and crisis of the welfare state. It is argued that the development of the National Lottery is part of a fundamental recomposition of the state which reflects the decomposition of the ‘law of insurance’ as the organising principle of the Keynesian Welfare State and its replacement by the ‘law of lottery’ as the principle regulatory mechanism of the neo-liberal capitalist state
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