This article classifies twenty-five “social risks” in six categories, according to whether they have been fundamentally modified, created, or developed, are under control, or have been transferred or eliminated. The author argues that it is primarily the dynamics of employment that explain these changes over the past twenty-five years. The author analyzes successive reforms by looking at income redistribution. The reform techniques adopted were slow, gradual, and as painless as possible while still being continuous and permanent. They were poorly coordinated with other public authorities, and have not challenged the initial elements of social security policy and its institutions.