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Superconnected, Complex and Ultrafast: Governance of Hyperfunctionality in Financial Markets
In: Complexity, governance & networks, Band 3, Heft 2, S. 12
ISSN: 2214-3009
Increased trading with financial instruments, new actors and novel technologies are changing the nature of financial markets making trade faster, more information dense and more globalized than ever. These changes in financial markets are not incremental and linear, but transformative with the emergence of a new "machine-ecology" with intricate system behavior and new forms of systemic financial risks. We argue that the nature of these changes pose fundamentally new challenges to governance as they require policy-makers to respond to system properties characterized by not only complex causality, but also extreme connectivity (i.e. global), ultra-speed (i.e. micro-seconds) and "hyperfunctionality". Governance can fail at the system level if a subsystem performs its function to such an extreme; this could jeopardize the efficiency of the system as a whole. We elaborate in what ways governance scholars can approach these issues, and explore the types of strategies policy-makers around the world use to address these new financial risks. We conclude by pointing out what we perceive as critical research fronts in this domain.
Sustainability transformations: a resilience perspective
In: Ecology and society: E&S ; a journal of integrative science for resilience and sustainability, Band 19, Heft 4
ISSN: 1708-3087
Global networks and global change-induced tipping points
In: International environmental agreements: politics, law and economics, Band 16, Heft 2, S. 189-221
ISSN: 1573-1553
Global Governance Dimensions of Globally Networked Risks: The State of the Art in Social Science Research
In: Risk, hazards & crisis in public policy, Band 8, Heft 1, S. 4-27
ISSN: 1944-4079
Global risks are now increasingly being perceived as networked, and likely to result in large‐scale, propagating failures and crises that transgress national boundaries and societal sectors. These so called "globally networked risks" pose fundamental challenges to global governance institutions. A growing literature explores the nature of these globally networked or "systemic" risks. While this research has taught us much about the anatomy of these risks, it has consistently failed to integrate insights from the wider social sciences. This is problematic since the prescriptions that result from these efforts flow from naїve assumptions about the way real‐world state and non‐state actors behave in the international arena. This leaves serious gaps in our understanding of whether networked environmental risks at all can be governed. The following essay brings together decades of research by different disciplines in the social sciences, and identifies five multi‐disciplinary key insights that can inform global approaches to governing these. These insights include the influence of international institutions; the dynamics and effect of international norms and legal mechanisms; the need for international institutions to cope with transboundary and cross‐sectoral crises; the role of innovation as a strategy to handle unpredictable global risks; and the necessity to address legitimacy issues.
On digitalization and sustainability transitions
In: Environmental innovation and societal transitions, Band 41, S. 96-98
ISSN: 2210-4224
Our Future in the Anthropocene Biosphere: Global sustainability and resilient societies
In: Folke, Carl, et al. 2020."Our Future in the Anthropocene Biosphere: Global sustainability and resilient societies." in Nobel Prize Summit: Our Planet, Our Future. Stockholm, Sweden: Beijer Discussion Paper Series No. 272.
SSRN
Working paper
Artificial intelligence, systemic risks, and sustainability
Automated decision making and predictive analytics through artificial intelligence, in combination with rapid progress in technologies such as sensor technology and robotics are likely to change the way individuals, communities, governments and private actors perceive and respond to climate and ecological change. Methods based on various forms of artificial intelligence are already today being applied in a number of research fields related to climate change and environmental monitoring. Investments into applications of these technologies in agriculture, forestry and the extraction of marine resources also seem to be increasing rapidly. Despite a growing interest in, and deployment of AI-technologies in domains critical for sustainability, few have explored possible systemic risks in depth. This article offers a global overview of the progress of such technologies in sectors with high impact potential for sustainability like farming, forestry and the extraction of marine resources. We also identify possible systemic risks in these domains including a) algorithmic bias and allocative harms; b) unequal access and benefits; c) cascading failures and external disruptions, and d) trade-offs between efficiency and resilience. We explore these emerging risks, identify critical questions, and discuss the limitations of current governance mechanisms in addressing AI sustainability risks in these sectors.
BASE
Transnational corporations and the challenge of biosphere stewardship
Sustainability within planetary boundaries requires concerted action by individuals, governments, civil society and private actors. For the private sector, there is concern that the power exercised by transnational corporations generates, and is even central to, global environmental change. Here, we ask under which conditions transnational corporations could either hinder or promote a global shift towards sustainability. We show that a handful of transnational corporations have become a major force shaping the global intertwined system of people and planet. Transnational corporations in agriculture, forestry, seafood, cement, minerals and fossil energy cause environmental impacts and possess the ability to influence critical functions of the biosphere. We review evidence of current practices and identify six observed features of change towards 'corporate biosphere stewardship', with significant potential for upscaling. Actions by transnational corporations, if combined with effective public policies and improved governmental regulations, could substantially accelerate sustainability efforts.
BASE
Transnational corporations and the challenge of biosphere stewardship
Sustainability within planetary boundaries requires concerted action by individuals, governments, civil society and private actors. For the private sector, there is concern that the power exercised by transnational corporations generates, and is even central to, global environmental change. Here, we ask under which conditions transnational corporations could either hinder or promote a global shift towards sustainability. We show that a handful of transnational corporations have become a major force shaping the global intertwined system of people and planet. Transnational corporations in agriculture, forestry, seafood, cement, minerals and fossil energy cause environmental impacts and possess the ability to influence critical functions of the biosphere. We review evidence of current practices and identify six observed features of change towards 'corporate biosphere stewardship', with significant potential for upscaling. Actions by transnational corporations, if combined with effective public policies and improved governmental regulations, could substantially accelerate sustainability efforts.
BASE
New directions in earth system governance research
The Earth System Governance project is a global research alliance that explores novel, effective governance mechanisms to cope with the current transitions in the biogeochemical systems of the planet. A decade after its inception, this article offers an overview of the project's new research framework (which is built upon a review of existing earth system governance research), the goal of which is to continue to stimulate a pluralistic, vibrant and relevant research community. This framework is composed of contextual conditions (transformations, inequality, Anthropocene and diversity), which capture what is being observed empirically, and five sets of research lenses (architecture and agency, democracy and power, justice and allocation, anticipation and imagination, and adaptiveness and reflexivity). Ultimately the goal is to guide and inspire the systematic study of how societies prepare for accelerated climate change and wider earth system change, as well as policy responses.
BASE
New directions in earth system governance research
The Earth System Governance project is a global research alliance that explores novel, effective governance mechanisms to cope with the current transitions in the biogeochemical systems of the planet. A decade after its inception, this article offers an overview of the project's new research framework (which is built upon a review of existing earth system governance research), the goal of which is to continue to stimulate a pluralistic, vibrant and relevant research community. This framework is composed of contextual conditions (transformations, inequality, Anthropocene and diversity), which capture what is being observed empirically, and five sets of research lenses (architecture and agency, democracy and power, justice and allocation, anticipation and imagination, and adaptiveness and reflexivity). Ultimately the goal is to guide and inspire the systematic study of how societies prepare for accelerated climate change and wider earth system change, as well as policy responses.
BASE
New directions in earth system governance research
In: Earth system governance, Band 1, S. 100006
ISSN: 2589-8116