Network Effects and Societal Shifts

Abstract

This chapter explores broader trends in systems and interconnectivity across society. Included within the scope of the chapter are network effects arising from modern IT tools such as the internet and social media. However, the largest `network' of all from a human perspective is the whole of human civilisation. The chapter therefore also focuses on societal trends that relate to systemic risk and to the financial system, paying most attention to evolving notions of `fairness' (since these underpin the social contracts that form the bedrock on which any financial system is built).