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

Author

Listed:
  • Ian Goldin

    (University of Oxford)

  • Mike Mariathasan

    (KU Leuven)

Abstract

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.

Suggested Citation

  • Ian Goldin & Mike Mariathasan, 2015. "The Butterfly Defect: How Globalization Creates Systemic Risks, and What to Do about It," Economics Books, Princeton University Press, edition 1, number 10214-2.
    • Handle: RePEc:pup:pbooks:10214-2
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    Cited by:

    1. Nick King & Aled Jones, 2021. "An Analysis of the Potential for the Formation of ‘Nodes of Persisting Complexity’," Sustainability, MDPI, vol. 13(15), pages 1-32, July.
    2. Nicolae Mariana & Nicolae Elena E., 2018. "Leadership in Higher Education – coping with AI and the turbulence of our times," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 12(1), pages 683-694, May.
    3. Didier Wernli & Lucas Böttcher & Flore Vanackere & Yuliya Kaspiarovich & Maria Masood & Nicolas Levrat, 2023. "Understanding and governing global systemic crises in the 21st century: A complexity perspective," Global Policy, London School of Economics and Political Science, vol. 14(2), pages 207-228, May.
    4. Domenico Delli Gatti & Elisa Grugni, 2022. "Breaking bad: supply chain disruptions in a streamlined agent-based model," The European Journal of Finance, Taylor & Francis Journals, vol. 28(13-15), pages 1446-1473, October.
    5. Eric Rigaud, 2016. "La « pensée résilience »: une opportunité pour une approche intégrée de la gestion de la sécurité des organisations et des territoires," Post-Print hal-01435146, HAL.
    6. R. Quentin Grafton & Mahala McLindin & Karen Hussey & Paul Wyrwoll & Dennis Wichelns & Claudia Ringler & Dustin Garrick & Jamie Pittock & Sarah Wheeler & Stuart Orr & Nathanial Matthews & Erik Ansink , 2016. "Responding to Global Challenges in Food, Energy, Environment and Water: Risks and Options Assessment for Decision-Making," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 3(2), pages 275-299, May.
    7. Hachigian Heather, 2015. "Ambiguity, discretion and ethics in Norway’s sovereign wealth fund," Business and Politics, De Gruyter, vol. 17(4), pages 603-631, December.
    8. Georg Wenzelburger & Pascal D. König & Frieder Wolf, 2019. "Policy Theories in Hard Times? Assessing the Explanatory Power of Policy Theories in the Context of Crisis," Public Organization Review, Springer, vol. 19(1), pages 97-118, March.
    9. Reena Marwah & Sanika Sulochani Ramanayake, 2021. "Pandemic-Led Disruptions in Asia: Tracing the Early Economic Impacts on Sri Lanka and Thailand," South Asian Survey, , vol. 28(1), pages 172-198, March.
    10. Na Tang & Muyu He, 2023. "The times make a hero: Street‐level policy entrepreneurship in major crisis responses in China," Review of Policy Research, Policy Studies Organization, vol. 40(4), pages 490-508, July.
    11. Ellis, Scott & Sharma, Satish & Brzeszczyński, Janusz, 2022. "Systemic risk measures and regulatory challenges," Journal of Financial Stability, Elsevier, vol. 61(C).
    12. OGREAN Claudia, 2017. "A Snapshot Of The World Of Global Multinationals – An Industry Based Analysis Of Fortune Global 500 Companies," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 12(2), pages 136-154, August.
    13. Magnus Benzie & Åsa Persson, 2019. "Governing borderless climate risks: moving beyond the territorial framing of adaptation," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 19(4), pages 369-393, October.
    14. Humphrey, Christopher & Gendron, Yves, 2015. "What is going on? The sustainability of accounting academia," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 26(C), pages 47-66.
    15. Brown, Ross & Rocha, Augusto, 2020. "Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    16. Mena, Carlos & Karatzas, Antonios & Hansen, Carsten, 2022. "International trade resilience and the Covid-19 pandemic," Journal of Business Research, Elsevier, vol. 138(C), pages 77-91.
    17. Nick King & Aled Jones, 2020. "An Assessment of Civil Nuclear ‘Enabling’ and ‘Amelioration’ Factors for EROI Analysis," Sustainability, MDPI, vol. 12(20), pages 1-34, October.
    18. Manafi, Ioana & Huru, Dragos & Dobre, Florin & Capbun, Andreea Gabriela & Roman, Mihai Daniel, 2023. "Resilience Mechanisms of the European Trade Network During the Pandemic," Economic and Regional Studies (Studia Ekonomiczne i Regionalne), John Paul II University of Applied Sciences in Biala Podlaska, vol. 16(2), June.
    19. Owen Cotton‐Barratt & Max Daniel & Anders Sandberg, 2020. "Defence in Depth Against Human Extinction: Prevention, Response, Resilience, and Why They All Matter," Global Policy, London School of Economics and Political Science, vol. 11(3), pages 271-282, May.

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