Friday 08 Oct 2021 | 08:21 | SYDNEY
Friday 08 Oct 2021 | 08:21 | SYDNEY

Garrett resilience


Sam Roggeveen


19 February 2010 08:43

If you caught ABC radio or TV news yesterday you will know that Environment Minister Peter Garrett, who's under pressure over safety issues surrounding the Government's home insulation and solar panel schemes, cancelled an appointment to speak at an Australian National University conference. In the depressingly familiar argot of Canberra's journalistic fraternity, this was described as Garrett 'bunkering down' against his critics.

What you would not know from the coverage is that Garrett was due to give the keynote address at an Australia21 conference on national resilience, a rather important topic. Last Friday, the Financial Review carried an article by one of the participants in that conference, Professor Ross Buckley, which begins with a neat description of resilience theory, and then describes the negative resiliency of the global financial system, which seems designed to reward the rich at the expense of the poor:

So why is a system that for so many of its participants is deeply dysfunctional, so resilient? The answer lies in who the current system serves, and the general paucity of knowledge, outside those it serves, about how it works and its consequences. Resilience science teaches that strongly resilient systems have healthy feedback loops. The principal feedback loops in global financial governance are that the system rewards international commercial banks and the elites within nations, at the expense of the common people in those countries.

There's no online version of the piece to link to, but there is a very thorough summary here at the blog of Paul Barratt, a former senior bureaucrat and now director of Australia21.