Global risk

Authored by: Jakob Arnoldi

Routledge Handbook of Risk Studies

Print publication date:  April  2016
Online publication date:  March  2016

Print ISBN: 9781138022867
eBook ISBN: 9781315776835
Adobe ISBN: 9781317691662

10.4324/9781315776835.ch23

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Abstract

Since 2006, the World Economic Forum has published an annual report on global risks. The global risks listed in the report cover a broad spectrum, including economic, social, technological, environmental and geopolitical risks. The report defines global risks as systemic risks. The concept of ‘systemic risk’ – as noted in the report – implies that there can be complex causal effects reverberating within the system, so that minor changes in one part may have large effects on other parts (often referred to as the butterfly effect). Systemic risk also implies that different elements of a system cannot be insulated from failures occurring in other parts of same system.

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