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Media Coverage Sep 2014

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Globalisation has created substantial benefits, but global governance must evolve to meet the challenges posed by new systemic risks

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Professor Ian Goldin, Director of the Oxford Martin School and Oxford Professor of Globalization and Development writes on globalization following his recent book The Butterfly Defect

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The 2007-08 financial crisis highlighted the potential for negative economic developments to spread quickly across the world’s interconnected economies. Ian Goldin writes that this constituted the first example of a truly systemic crisis, where risks that pooled in a relatively small market in the American Midwest (the sub-prime mortgage market) cascaded to all corners of the global economy. He argues that new insights are required to restructure globalization in a manner which allows us to harvest the benefits of closer integration, while also reducing harmful and dangerous spill-overs.

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Ian Goldin
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