• Corpus ID: 154454012

The Economics of Security Externalities Assessing, Managing and Benefiting from Global Interdependent Risks

  title={The Economics of Security Externalities Assessing, Managing and Benefiting from Global Interdependent Risks},
  author={Howard Kunreuther and Erwann O. Michel‐Kerjan},
With the increasing globalization of economic and social activities, the world has now become so interdependent that actions taken today 5,000 miles away could affect you tomorrow. Conventional wisdom holds that one country or one organization has the capacity and expertise to manage future large-scale risks alone. However, in an increasingly global interdependent world, they have neither. A hallmark of the 21 century is that we have entered a new era of catastrophic risks, as illustrated by… 
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