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Risk, Reward, and Resilience Framework: Integrative Policy Making in a Complex World

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  • Anthea Roberts

Abstract

In the last few years, many states around the world have faced a series of shocks to their economies—from the seizing up of global supply chains to the weaponization of trade and finance—that have catapulted concerns about how to strike a balance between risk, reward, and resilience into the center of public discussions and policy-making. This Article provides a new Risk, Reward, and Resilience Framework, which synthesizes and integrates insights from diverse disciplines and domains. I set out the drivers of each element, how they are connected, and resulting policy choices. To illustrate its practical application, I apply Risk, Reward, and Resilience Framework to two case studies involving economic interdependence: the COVID-19 supply chain shock and China’s economic coercion of Australia. In doing so, I provide policymakers with a new mental model for thinking about and working through complex policy challenges.

Suggested Citation

  • Anthea Roberts, 2023. "Risk, Reward, and Resilience Framework: Integrative Policy Making in a Complex World," Journal of International Economic Law, Oxford University Press, vol. 26(2), pages 233-265.
  • Handle: RePEc:oup:jieclw:v:26:y:2023:i:2:p:233-265.
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    File URL: http://hdl.handle.net/10.1093/jiel/jgad009
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