The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do about It [NOOK Book]

Overview

Global hyperconnectivity and increased system integration have led to vast benefits, including worldwide growth in incomes, education, innovation, and technology. But rapid globalization has also created concerns because the repercussions of local events now cascade over national borders and the fallout of financial meltdowns and environmental disasters affects everyone. The Butterfly Defect addresses the widening gap between systemic risks and their effective management. It shows how the new dynamics of ...

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The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do about It

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Overview

Global hyperconnectivity and increased system integration have led to vast benefits, including worldwide growth in incomes, education, innovation, and technology. But rapid globalization has also created concerns because the repercussions of local events now cascade over national borders and the fallout of financial meltdowns and environmental disasters affects everyone. The Butterfly Defect addresses the widening gap between systemic risks and their effective management. It shows how the new dynamics of turbo-charged globalization has the potential and power to destabilize our societies. Drawing on the latest insights from a wide variety of disciplines, Ian Goldin and Mike Mariathasan provide practical guidance for how governments, businesses, and individuals can better manage risk in our contemporary world.

Goldin and Mariathasan assert that the current complexities of globalization will not be sustainable as surprises become more frequent and have widespread impacts. The recent financial crisis exemplifies the new form of systemic risk that will characterize the coming decades, and the authors provide the first framework for understanding how such risk will function in the twenty-first century. Goldin and Mariathasan demonstrate that systemic risk issues are now endemic everywhere—in supply chains, pandemics, infrastructure, ecology and climate change, economics, and politics. Unless we are better able to address these concerns, they will lead to greater protectionism, xenophobia, nationalism, and, inevitably, deglobalization, rising conflict, and slower growth.

The Butterfly Defect shows that mitigating uncertainty and systemic risk in an interconnected world is an essential task for our future.

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Editorial Reviews

From the Publisher
"This book covers many different sectors and points out that globalization brings opportunities as well as threats; readers from diverse professional and academic backgrounds will gain insights."—Library Journal
Library Journal
04/01/2014
Globalization has benefited individuals and nations worldwide. However, the emergence of complex, interdependent systems has led to widespread negative consequences caused by unintended and unforeseen factors. Sometimes these events started from small changes in initial conditions, which are referred to as the Butterfly Effect, a term from which the title is derived. Here coauthors Goldin (director, Oxford Martin Sch.; globalization & development, Univ. of Oxford; Divided Nations) and Mariathasan (finance, Univ. of Vienna) present detailed information about many risk types, such as cyber, ecological, economic, financial, geographic, infrastructure, pandemic and health, political, social, and supply chain. These potential gambles can be managed and uncertainties reduced using the authors' strategies outlined in the lesson summaries provided at the end of seven chapters. Each section offers three to six lessons. VERDICT This book covers many different sectors and points out that globalization brings opportunities as well as threats; readers from diverse professional and academic backgrounds will gain insights.—Caroline Geck, Camden Street Sch. Lib., Newark, NJ
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Product Details

  • ISBN-13: 9781400850204
  • Publisher: Princeton University Press
  • Publication date: 5/11/2014
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition description: Course Book
  • Pages: 320
  • Sales rank: 1,177,531
  • File size: 8 MB

Meet the Author

Ian Goldin is director of the Oxford Martin School and professor of globalization and development at the University of Oxford. He has served as vice president of the World Bank and an advisor to President Nelson Mandela. His many books include "Divided Nations", "Globalization for Development", and "Exceptional People" (Princeton). Mike Mariathasan is assistant professor of finance at the University of Vienna.
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Table of Contents

List of Boxes, Illustrations, and Tables ix
Preface xiii
Acknowledgments xvii
Introduction 1
1 Globalization and Risk in the Twenty-First Century 9
Globalization and Integration 10
Global Connectivity and Complex Systems 13
Globalization and the Changing Nature of Risk 23
Globalization: A Double-Edged Sword 30
The Way Forward 33
2 The Financial Sector 36
with Co-Pierre Georg and Tiffany Vogel
The Financial Crisis of 2007/2008 37
Financial Globalization in the Twenty-First Century 39
Complexity and Systemic Risk 54
Global Financial Governance 60
Lessons for the Financial Sector 64
3 Supply Chain Risks 70
Global Supply Chains 72
Supply Chain Risk 79
From Management of Risk to Risk Management 90
Lessons for Supply Chain Management 95
4 Infrastructure Risks 100
Transportation 101
Energy 105
The Internet 112
Lessons for Global Infrastructure 120
5 Ecological Risks 123
The Nature of Environmental Risk 124
Risks from the Environment 129
Risks to the Environment 133
Can Globalization Be Good for the Environment? 138
The Export of Pollution 139
Lessons for Managing Environmental Risk 141
6 Pandemics and Health Risks 144
Pandemic Risk 145
Globalization and Health Risks 147
Case Studies 150
Noninfectious Diseases 159
Global Cooperation and Disease Control 160
Lessons from Pandemic Management 164
7 Inequality and Social Risks 168
Global Integration and Inequality 169
The Channels of Inequality 180
The Risks of Inequality 181
Lessons for Challenging Global Inequalities 195
8 Managing Systemic Risk 198
Moving Forward, Not Backward 200
Confronting a New Challenge? 202
The Need to Reform Global Governance 206
Why Reform Has Been So Sluggish 209
Lessons for Global Policy Reform 212
Managing Systemic Risk 219
Notes 221
References 257
Index 285

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