Abstract
Resilience and sustainability have each offered a path forward for post-COVID economic recovery and a post-Glasgow global financial order. Yet, the relationships between these two concepts are largely unexplored in economic policy and investment strategies. In light of emerging systemic risks and global demands for more resolute investments in resilience and sustainability, this perspective article took the position that policymakers must begin to draw greater conceptual, empirical, and practical linkages between sustainability and resilience. This perspective article provided a simplified framework for understanding the positively reinforcing, negatively conflicting, and neutral relationships between different types of resilience and sustainability consistent with two propositions. The Reinforcement Proposition argues (i) that various resilience processes may drive sustainable outcomes, and/or (ii) that an allocation of sustainable resources may reinforce resilience processes, as well as the transformative adaptation of markets. Conversely, the Conflict Proposition argues (i) that certain resilience processes may perpetuate stability features that may thwart an economic transition toward sustainability, and/or (ii) that certain sustainability outcomes associated with reorganized economic structures and relationships may undermine resources for resilience. This framework provides policymakers with an opportunity to evaluate the convergent and conflicting trade-offs of resilience processes and sustainable outcomes.
Highlights
Between climate change and the ongoing SARS-CoV-2 (COVID) pandemic, systemic risk and financial stability have become critical metrics for global economies [1,2,3]
This article argues that post-COVID economic recovery investments in sustainable pathways defined in a post-Glasgow global financial order demand broader intelligence on shifting trade-offs, emerging values, and on how markets adapt and foster resilience against a range of stressors that exceed the structural constraints of socioeconomic systems
Firms”) may file for bankruptcy and reemerge to build on technical and scientific labor expertise, advanced manufacturing capacities, and supply-chain connections—all processes supported by deterministic form of resilience (DER)—to scale up low-to-no-carbon technologies and products in their adaptation to achieve sustainable outcomes
Summary
Between climate change and the ongoing SARS-CoV-2 (COVID) pandemic, systemic risk and financial stability have become critical metrics for global economies [1,2,3]. Without investments in a form of deterministic resilience, acute disruptions can quickly spiral into a ‘crisis of crises,’ including cascading disturbances that undermine nested critical functions in societies and economies Worse, such disruptive catalysts may generate or exacerbate feedback loops that amplify long-term social, economic, and environmental vulnerabilities [4]. This article argues that post-COVID economic recovery investments in sustainable pathways defined in a post-Glasgow global financial order demand broader intelligence on shifting trade-offs, emerging values, and on how markets adapt and foster resilience against a range of stressors that exceed the structural constraints of socioeconomic systems. The convergence of DER, EER, and sustainability offers the prospects of a more dynamic understanding of transitional economies and systemic risks
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