Systemic risk has become a central topic of expert discussion and political debate amidst the financial crisis that began in 2008, but it also has resonances across many other domains in which catastrophic threats loom – including internet security, supply chain management, catastrophe insurance, and critical infrastructure protection. In this issue, we invited scholars to contribute genealogical and conceptual framings that inform critical inquiry into this increasingly important concept. The result is not a traditional collection of academic articles but a set of brief, preliminary reflections, prepared on short notice, that address a common set of questions, along with a handful of documents, links, images and videos that illustrate different aspects of the concept.
In this issue:
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Introduction: Systemic Risk
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Running Amok in Labyrinthine Systems: The Cyber-Behaviorist Origins of Soft Torture
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The ‘Becoming’ Insurable of Terrorism Risk in the US: Imagining Systemic Risk
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Systems at Risk as Risk to the System
Systemic risk in finance refers to at least three things, according to George G. Kaufman and Kenneth E. Scott: It connotes a macro shock that produces nearly simultaneous, large, adverse effects in most or all of the domestic economy or even international financial system. It can also refer to the risk of a chain reaction… Read more »
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Systemic risk in consumer finance
At the end of the great credit bubble there was still a tremendous amount of borrowing potential in the hands of consumers. Of the $5 trillion in US credit card lines outstanding only $800 billion was reportedly in use. So in the spring of 2009, with unemployment and bankruptcy on the rise, the card companies… Read more »
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Uncertain about risk
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How Shit Happens, or, How Audit Systems and Sewer States Lead to Tainted Beef
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Logistics’ Liabilities
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How W32.stuxnet works
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The Morris Worm on television
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The Morris Worm
The Morris worm was released in November of 1988. It was launched surreptitiously from an MIT computer by graduate student Robert Tappan Morris at Cornell University, and spread to internet-connected computers running the BSD variant of UNIX. The worm was designed to be undetectable, but a design flaw led it to create far more copies… Read more »
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Complexity, Ecology, Finance
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The Pre-History of Resilience in Ecological Research
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Resilience and Homeland Security: Patriotism, Anxiety, and Complex System Dynamics
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System Vulnerability and the Problem of National Survival
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Systemic Financial Risks and How to Cope With Them
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The Emergence of Systemic Financial Risk: From Structural Adjustment (Back) To Vulnerability Reduction