Editor-in-Chief

Michael Phoch
20 years of experience in mass media

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The pandemic is straining economic and social fault lines: the only remedy is international cooperation

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An infected passenger flies from Wuhan to Milan, a computer virus invades an internet connection, subprime defaults in the US Midwest trigger a global economic crisis. The super-spreaders of the goods of globalization—airport hubs, fiber-optic cables, global financial centers—are also the super-spreaders of the bads. This is the “butterfly defect” of globalization, the systemic risk

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In the COVID-19 world, risk has become riskier

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The American economist Frank Knight theorized about the difference between risk and uncertainty in his classic book Risk, Uncertainty and Profit. Risk is “a quantity susceptible of measurement.” A precise outcome may not be known, but the probability of a few that are most likely can be calculated. Uncertainty means there is not enough information

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