New Books Network Susan Erikson, "Investable! When Pandemic Risk Meets Speculative Finance" (MIT Press, 2025)
Sep 20, 2025
Susan Erikson, a medical anthropologist and author of "Investable!", dives into the world of pandemic bonds—financial instruments designed to address health crises. She unpacks how the financialization of global health turns pandemics into investment opportunities, often benefiting investors at the expense of public health. Erikson shares her extensive research journey, revealing the complex interplay between financial markets and health crises. Her insights highlight the risks of relying on speculative finance for our health security.
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Pandemic Bonds Are Political Choices
- Pandemic bonds reflect a political choice to financialize humanitarian risk rather than build public health systems.
- Susan Erikson argues this shift privileges investor incentives over population health outcomes.
Models Protected Investors First
- The bonds were modeled to protect investors, not to maximize public-health impact.
- Erikson found the pricing and triggers prioritized minimizing investor loss over timely aid delivery.
Jim Yong Kim's Personal Stamp
- Jim Yong Kim, as World Bank president, personally drove the creation and launch of the pandemic bonds.
- Erikson suggests the bonds likely wouldn't have existed without his leadership and vision.
