Towards a Resilient Global Economy
It is this profound vulnerability that I would like to address in calling for a new metric to characterize the health and stability of our economic system — that of Global Resilience.
Resilience is the capacity for a system to absorb disruptions without losing key functionality. The human body, as one example, is resilient against parasitic viruses like influenza when it bolsters a strong immune response and preserves the vital functions of circulation, digestion, mobility, and consciousness. By contrast, it is not resilient against a physical blow to the brain stem that quickly produces a vegetative state or death. Resilience is the dynamic repose of the system that enables it to mitigate disruptions or adapt to them in a timely manner.
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