Michel Albert graduated from the Institut d'Études Politiques de Paris (Sciences Po) and was also an alumnus of the École Nationale d'Administration (ENA).
On 28 March 1994, Albert was elected as the chair of the Académie des Sciences Morales et Politiques following the death of Henri Guitton [fr].
Thus, in yet another intriguing but ominous irony of history, 10 years of ultra-liberalism have resulted in a US financial system whose future may only be assured with the help of federal government handouts.
The economics commentator John Kay summarised a "caricature" by Albert of the two historical traditions that led to the modern insurance industry:In London, English gentlemen would gather in Lloyd's Coffee House to speculate on the state of the world and the weather.
Meanwhile, in Swiss mountain villages, farmers might agree that if one of their cows died, the whole community would contribute to provide a replacement.