Pandemic talk Manila

• Concentration: The emergence of ‘hubs’ within the globalised economy- a small number of very highly connected nodes whose function (or loss of function) have a disproportionate role in the operation of the globalised economy. [...] The systems that transmit shocks are also the systems we depend upon for our welfare and the operation of businesses, institutions and society, so to borrow Marshal McLuhan’s phrase, the medium is the message. [...] One of the primary consequences of a generic shock is an interruption in the flow of goods and services in the economy. [...] We can see that the longer time inventories are held within a society, the longer the time the operation of society can function before the critical accelera- tion. [...] Again the structure of financial net- works and the centrality of the region with respect to financial assets and liabilities would determine the ex- tent of any shock.