The writer is a professor at Oxford university and author of ‘The Butterfly Defect’
The spread of coronavirus around the world is alarming, but not surprising. Globalisation creates systemic risks. As trade, finance, travel, cyber and other networks grow in scale and interact, they become more complex and unstable.
Edward Lorenz, father of chaos theory, showed that a butterfly flapping its wings over Brazil could cause a tornado in Texas. An intrinsic outcome of the growing integration and complexity of the global economy is that it too suffers from “a butterfly defect”.
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