INTHEBLACK July/August 2023 - Magazine - Page 41
AT A GLANCE
“Polycrisis”
describes the
simultaneous,
overlapping crises
facing the world
today.
Addressing one
overlapping
challenge in a
polycrisis may
help to alleviate
others.
Surprising
positives and
economic
opportunities can
emerge from a
polycrisis.
The interconnected risks inherent in a
“polycrisis” could be a major test for economic
resilience. Sustainable business practices and
keeping an eye out for opportunities may help
organisations to weather the storm.
Words Susan Muldowney
The annual gathering of the World Economic Forum
in Davos in January 2023 marked its first full return to the
Swiss resort town since the pandemic shifted the summit
online. More than 2700 leaders from 130 countries met
to brainstorm solutions to today’s biggest global problems.
Given the current state of the world, their first question may
well have been “where do we start?”, but a buzzword soon
emerged to help focus the conversations – “polycrisis”.
First coined in the 1970s, the term “polycrisis” has been
popularised in recent times by English historian Adam
Tooze – an attendee at this year’s summit in Davos.
It describes the simultaneous, interconnected crises facing
the world today. There is the escalating climate crisis, the
war in Ukraine, rising inflation, a food and energy crisis,
multiple extreme weather events, a global health emergency,
widespread social unease – and the list goes on.
Polycrisis is similar to “VUCA”, which stands for volatility,
uncertainty, complexity and ambiguity. VUCA characterises
an environment of rapid, unpredictable changes, lack of
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