A Risky Proposition: Has Global Interdependence Made Us Vulnerable?
RISK IS EVERYWHERE. There’s a risk, for example, that volcanic ash will damage aircraft engines. So when a volcano erupted in Iceland in April 2010, concerns about the plume of volcanic ash disrupted air travel across Europe for about a week. Travelers, from the Prince of Wales to Miley Cyrus, were forced to adjust their plans.
In the interconnected world of the 21st century, that risk also put Kenyan flower farm employees out of work because their crop couldn’t reach Europe, and forced Nissan to halt production of some models in Japan because certain parts weren’t available.
Welcome to global systemic risk, where virtually every person on Earth can be affected by disruption in interdependent systems as diverse as electricity transmission, computer networks, food and water supplies, transportation, health care, and finance. The risks are complicated and little understood.
A core group of about two dozen faculty members from across the University — along with postdoctoral research fellows, graduate students, undergraduates and outside researchers — has come together for a three-year research effort focused on developing a comprehensive and cohesive framework for the study of such risks.
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