The systemic risks brought about by globalisation are tackled by the Oxford Martin School's Director, Professor Ian Goldin, in his new book, 'The Butterfly Defect: How Globalisation Creates Systemic Risks, and What to Do about It', co-authored with Mike Mariathasan.
Global hyperconnectivity and increased system integration have led to vast benefits, including worldwide growth in incomes, education, innovation, and technology. But rapid globalisation 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 globalisation has the potential and power to destabilize our societies. Drawing on the latest insights from a wide variety of disciplines, the authors provide practical guidance for how governments, businesses, and individuals can better manage risk in our contemporary world.