Mitigation can be achieved. But it can be achieved only through the use of markets, not through the decrees of managers. Today, we live in a world that is divided into sovereign states, each of which tries to find a legal system that is best for its citizens. And, in fact, many sovereign states are broken up into smaller regions, which in turn are broken up into even smaller regions. We live in a world in which law is determined by geography.
Sovereignty is defined as a geographical matter.
Defining sovereignty by geography has made a lot of sense for a long time because the spillover effects of human conduct, in large part, have been defined and distributed geographically. But we don't live in that world anymore. Thanks to communication technology generally and the Internet in particular, spillover effects are no longer geographically localized. You know that intuitively. If some financial analyst catches a cold in Hong Kong, my pension funds go down.