Blyth/Tooze: The Ultimate Hidden Black Swan Risk
Professor Mark Blyth and Professor Adam Tooze explore how coronavirus is laying bare the hidden risks embedded within our financial systems and how central banks worldwide are scrambling to paper over those chasms of danger. They discuss the ongoing pandemic as the ultimate hidden black swan risk, and how the hyper-optimization of the global supply chain is actually a big threat to order and stability, because once one link in the chain gets dislodged, it takes the whole chain with it. Professor Tooze and Professor Blyth analyze the remarkably grim unemployment numbers, which Professor Tooze sums up as “an order of magnitude worse than anything in the previous economic record.” They also look at the recent unprecedented oil shock. Professor Blyth views the entire crisis through the lens of renowned author Nassim Taleb. Mark Blyth is the William R. Rhodes ’57 Professor of International Economics and Professor of Political Science and International and Public Affairs at Brown University. He is the author of “Austerity: The History of a Dangerous Idea” and the upcoming book “Angrynomics” with Eric Lonergan. Adam Tooze is the Shelby Cullom Davis chair of History at Columbia University and serves as Director of the European Institute.
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