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Issue № 64. October 2017

Systemic Risks as a Source of Force Majeure Circumstances: To the Problem of Normative Qualification

Ilya V. Galkin

Ph.D., School of Public Administration, Lomonosov Moscow State University, Moscow, Russian Federation.
E-mail: ilya.v.galkin@gmail.com

Since the impact of force majeure circumstances fundamentally hinders business turnover, from the point of view of risk theory, the occurrence of such circumstances can be interpreted as a manifestation of a common (systemic) risk. Currently in the Russian theory of law and law enforcement practice there are two approaches to the qualification of force majeure circumstances — the first, the main one, which reduces these to the impact of non-market factors on business turnover and the second, which recognizes the economic content of such circumstances. It is suggested that the second approach is correct and that it is appropriate to include it in the legal norm that characterizes force majeure.

Keywords

Risk theory, risk management, risk classification, unique risks, systemic risks, force majeure.

Comments:
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