Abstract The 2008 financial crisis illustrated the potential for the failure of a single industry to threaten the functioning of the entire economy. By reconstructing the ecological approach to systemic risk, this paper argues that there are two key factors that enable this oversized risk. The first is the level of risk across the system, which is shown to be intensified in systems that exhibit interconnectedness, complexity, mismatches between knowledge and activity, and low redundancy. The second is the extent to which the system serves as a widespread necessary condition, that is a universal intermediary, for other social practices. This paper shows how these factors apply to pre-crisis finance and, how they apply to the contemporary networked digital economy, with potentially devastating economic and social consequences.

中文翻译：

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连接风险：从金融到数字化的系统性风险

摘要 2008 年的金融危机说明了单个行业的失败可能会威胁到整个经济的运行。通过重构系统性风险的生态方法，本文认为有两个关键因素导致了这种过大的风险。第一个是整个系统的风险水平，在表现出互连性、复杂性、知识与活动之间的不匹配以及低冗余的系统中，这种风险水平会加剧。第二个是系统作为其他社会实践的普遍必要条件，即普遍中介的程度。本文展示了这些因素如何适用于危机前的金融，以及它们如何适用于当代网络数字经济，从而产生潜在的破坏性经济和社会后果。