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The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do about It
How to better manage systemic risks―from cyber attacks and pandemics to financial crises and climate change―in a globalized world
The Butterfly Defect addresses the widening gap between the new systemic risks generated by globalization and their effective management. It shows how the 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 globalization and risk.
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 address these concerns, they will lead to greater protectionism, xenophobia, nationalism, and, inevitably, deglobalization, rising inequality, conflict, and slower growth.
The Butterfly Defect shows that mitigating uncertainty and risk in an interconnected world is an essential task for our future.
The Butterfly Defect addresses the widening gap between the new systemic risks generated by globalization and their effective management. It shows how the 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 globalization and risk.
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 address these concerns, they will lead to greater protectionism, xenophobia, nationalism, and, inevitably, deglobalization, rising inequality, conflict, and slower growth.
The Butterfly Defect shows that mitigating uncertainty and risk in an interconnected world is an essential task for our future.
320 pages, Hardcover
First published January 1, 2014
21 people are currently reading
369 people want to read
About the author
Ian Goldin
35 books67 followersIan Goldin is a professor at the University of Oxford in England. He took up his most recent position as director of Oxford Martin School at the University of Oxford, in September 2006. He is the Oxford University Professor of Globalisation and Development, and holds a professorial fellowship at Balliol College, Oxford.
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Displaying 1 - 5 of 5 reviews
May 9, 2020
It's confirmed, Pr. Goldin has a particular ability to navigate complex (literally) issues and keep it simple, quoting just the necessary data to make his point.
Aside from his favourite topic that is globalisation, in this one him and his co-author (Mike Mariathasan) try to describe the world as we are living it now a few years earlier.
They tried to approach a few themes through a financial lens/ grille d'analyse, since risk management itself was first identified in finances (investment risk, etc....). The difference between risk and systemic risk, is while the former concerns an element or entity the latter refers to the breakdown of a whole system (not nice),and the cascading failures that can follow, exempli gratia : COVID-19 ...
So what the authors say is that the world is getting more complex overtime, which requires from us new ways of managing systemic risks and upgrading our old ways of lean management (which is ironically still in vogue...) :
"We are more tightly linked than ever before, and the connections are more complex, more frequent, and more central to our lives and our economies."
Risk as a singular entity can't exist anymore, not in this context, and systemic risk can't be overcome, it is in the best case scenario managed.
A few lessons and suggestions were made by the end of the book, but that remains as the authors themselves stated only a way of raising awareness about the complex nature of future disasters and issues :
"They consist of the following five points as to how to meet the challenge of future hazards:
- Adopt a new policy approach to risk management.
- Develop synergies between the public and private sectors.
- Inform and involve stakeholders and the general public.
- Strengthen international cooperation.
- Make better use of technological potential and enhance research efforts."
Even though they tried to touch upon a wide variety of domains, I was left "sur ma faim" when it came to social risks and social inclusion/exclusion on a local scale !
All in all, a good read !
Aside from his favourite topic that is globalisation, in this one him and his co-author (Mike Mariathasan) try to describe the world as we are living it now a few years earlier.
They tried to approach a few themes through a financial lens/ grille d'analyse, since risk management itself was first identified in finances (investment risk, etc....). The difference between risk and systemic risk, is while the former concerns an element or entity the latter refers to the breakdown of a whole system (not nice),and the cascading failures that can follow, exempli gratia : COVID-19 ...
So what the authors say is that the world is getting more complex overtime, which requires from us new ways of managing systemic risks and upgrading our old ways of lean management (which is ironically still in vogue...) :
"We are more tightly linked than ever before, and the connections are more complex, more frequent, and more central to our lives and our economies."
Risk as a singular entity can't exist anymore, not in this context, and systemic risk can't be overcome, it is in the best case scenario managed.
A few lessons and suggestions were made by the end of the book, but that remains as the authors themselves stated only a way of raising awareness about the complex nature of future disasters and issues :
"They consist of the following five points as to how to meet the challenge of future hazards:
- Adopt a new policy approach to risk management.
- Develop synergies between the public and private sectors.
- Inform and involve stakeholders and the general public.
- Strengthen international cooperation.
- Make better use of technological potential and enhance research efforts."
Even though they tried to touch upon a wide variety of domains, I was left "sur ma faim" when it came to social risks and social inclusion/exclusion on a local scale !
All in all, a good read !
June 7, 2020
An Introductory Account
I guess for it’s time, it would have been a good account of the systemic risks arising from globalization and the need to manage them. Since then, the importance of these concepts have only increased. Hopefully more people will pay heed to these concepts.
I guess for it’s time, it would have been a good account of the systemic risks arising from globalization and the need to manage them. Since then, the importance of these concepts have only increased. Hopefully more people will pay heed to these concepts.
August 25, 2014
I liked the diverse set of issues covered in this book. However, the authors call for a more resilient globalisation that is managed through global institutions. While it is true that global problems need global solutions, I was left with the nagging feeling that simply making globalisation more resilient to unexpected surprises may just lead to the reinforcement of the neoliberal status quo.
February 12, 2015
What a complete waste of time, even for my skimming through. The discussions and analyses of the issues are so generalised and common sense, do I really need to read this to learn about it?
I'd gain much more significant insights if I read Gottdiener, Castells, and Harvey. Terrible book, and don't even get me started on the cover.
I'd gain much more significant insights if I read Gottdiener, Castells, and Harvey. Terrible book, and don't even get me started on the cover.
Want to read
September 25, 2017______
Saw author on documentary 'Mankind from Space' (2015).
Displaying 1 - 5 of 5 reviews