Resilience as a solution to crisis and complexity
A book just published in Italy provides an effective summary of a now inescapable topic
Resilience is the right (and effective) way of dealing with the complexity and riskiness of the world we live in today. What started out as an abstract concept has been formulated in many different versions, but resilience remains something that needs to be well understood in order to avoid misunderstandings, illusions and mistakes. The usefulness of ‘The Resilient Society’ stems from this; Markus K. Brunnermeier (economist and Director of Princeton’s Bendheim Center as well as consultant to several banking institutions) wrote this synthesis of the concept, just translated and published in Italy, to offer a wider audience a primer on the subject.
The question Brunnermeier seeks to answer (and succeeds) is simple, but it implies a complex answer. How can individuals, institutions and nations successfully navigate a dynamic, globalised economy full of unknown risks? The answer lies in applying a type of resilience conceived as a ‘compass’, leading to a social contract with benefits for all. Only in a resilient society can institutions, families and individuals overcome traumas and challenging situations – from which they would otherwise fail to recover.
Brunnermeier’s book has a simple structure. Firstly, a definition is provided for resilience and its different forms in society are explained. Subsequently, the principles of resilience are applied to the global order and therefore to geopolitical relations, trade, finance, new markets and issues related to climate change. Finally, the author attempts to apply resilience to possible future developments in the issues we already face today: inequalities, tax affairs and development policies.
Brunnermeier’s book is not always easy to read (although he has certainly made a great deal of effort to render it comprehensible); however, it does provide an opportunity for a kind of exploration not only into the potential of resilience but also into a number of problems that the economic and social system must address regardless. Brunnermeier is explicit, and does not hide risks and difficulties. “We must maintain our ability to bounce back after suffering heavy blows. We need buffers, built-in redundancy and protected areas that we can rely on,’ Brunnermeier writes in his conclusion, before reiterating the importance of cooperation instead of opposition.
La società resiliente (The Resilient Society)
Markus K. Brunnermeier
Il Mulino, 2024
A book just published in Italy provides an effective summary of a now inescapable topic
Resilience is the right (and effective) way of dealing with the complexity and riskiness of the world we live in today. What started out as an abstract concept has been formulated in many different versions, but resilience remains something that needs to be well understood in order to avoid misunderstandings, illusions and mistakes. The usefulness of ‘The Resilient Society’ stems from this; Markus K. Brunnermeier (economist and Director of Princeton’s Bendheim Center as well as consultant to several banking institutions) wrote this synthesis of the concept, just translated and published in Italy, to offer a wider audience a primer on the subject.
The question Brunnermeier seeks to answer (and succeeds) is simple, but it implies a complex answer. How can individuals, institutions and nations successfully navigate a dynamic, globalised economy full of unknown risks? The answer lies in applying a type of resilience conceived as a ‘compass’, leading to a social contract with benefits for all. Only in a resilient society can institutions, families and individuals overcome traumas and challenging situations – from which they would otherwise fail to recover.
Brunnermeier’s book has a simple structure. Firstly, a definition is provided for resilience and its different forms in society are explained. Subsequently, the principles of resilience are applied to the global order and therefore to geopolitical relations, trade, finance, new markets and issues related to climate change. Finally, the author attempts to apply resilience to possible future developments in the issues we already face today: inequalities, tax affairs and development policies.
Brunnermeier’s book is not always easy to read (although he has certainly made a great deal of effort to render it comprehensible); however, it does provide an opportunity for a kind of exploration not only into the potential of resilience but also into a number of problems that the economic and social system must address regardless. Brunnermeier is explicit, and does not hide risks and difficulties. “We must maintain our ability to bounce back after suffering heavy blows. We need buffers, built-in redundancy and protected areas that we can rely on,’ Brunnermeier writes in his conclusion, before reiterating the importance of cooperation instead of opposition.
La società resiliente (The Resilient Society)
Markus K. Brunnermeier
Il Mulino, 2024