Seed Magazine: On Systemic Risk

In Seed magazine today, Ian Goldin, Director of the James Martin 21st Century School at Oxford University, summarises an article he recently co-authored in the academic journal Foreign Policy:

Many of the greatest challenges of the 21st century are not new. These include the elimination of poverty and disease, the avoidance of conflict and nuclear proliferation, and the loss of biodiversity and natural resources. What is new is the nature of interdependence and complexity, as more integration among an increased number of people, combined with new technology, has led to greater fragility and the creation of a global risk society. The financial crisis is only the first part of the 21st century systemic crisis to manifest. It is vital that we learn from it in order to manage deeper and more damaging global challenges, such as climate change and global pandemics, and to avoid a destabilizing cycle of more acute financial crises.

Read the whole thing: http://seedmagazine.com/content/article/on_systemic_risk/

Goldin presents a balanced assessment and a timely warning of the dangers (as well as the benefits!) of globalisation and interdependence.