“This book is clear, original, and worth
being widely read.”
Its freight is an amazing collection of stock trades, email, video, and retail transactions carried by high-speed, low-cost data communications systems. From global financial markets to the Internet applications we all know and love—Google, Yahoo, Facebook and Twitter — all depend on it.
But what happens when our high levels of connectivity create a degree of momentum that is devastating?
While the Internet did not cause the 2008 Financial Crisis, the meltdown of the Icelandic economy, or the May 6 2010 Flash Crash on Wall Street, it was an unindicted co-conspirator. It was the railroad that carried invisible freight--information--that made these events bigger and more devastating.
The Internet has overconnected government and social institutions, markets, businesses, and us. In the process it has created great opportunities, economic growth, and increases in productivity. The Internet has, as well, driven change at unprecedented rates, increased market volatility, and facilitated major accidents and financial contagions all because of a phenomenon I have labeled overconnectivity.
In order to get the best from the Internet, society will have to learn how to deal with overconnected environments. That is why I wrote the book."