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A second recent article analyzes the global financial crisis and the vulnerability of interconnected economic systems. It shows how the coupling between economic sectors transferred the financial bust in one sector to other sectors, causing widespread economic collapse. The fragility of the system is linked specifically to how the financial sector enabled the crisis to propagate from one sector to another. The article identifies specific policy recommendations to create firewalls between sectors.
NECSI President Yaneer Bar-Yam said, “The source of the current problems is ignoring interdependence.”
NECSI is broadly engaged in addressing global problems, improving both system robustness and our ability to respond to crises in real time. Generally applicable methods of recognizing vulnerability and identifying how to inhibit the propagation of failures across the system through effective boundaries are central to this effort.