The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.

A series of currency devaluations and oil crises in the 1970s led most countries to float their currencies. The world economy became increasingly financially integrated in the 1980s and 1990s due to capital account liberalization and financial deregulation. A series of financial crises in Europe, Asia, and Latin America followed with contagious effects due to greater exposure to volatile capital flows. The global financial crisis, which originated in the United States in 2007, quickly propagated among other nations and is recognized as the catalyst for the worldwide Great Recession. A market adjustment to Greece's noncompliance with its monetary union in 2009 ignited a sovereign debt crisis among European nations known as the Eurozone crisis. The history of international finance shows a U-shaped pattern in international capital flows: high prior to 1914 and after 1989, but lower in between. The volatility of capital flows has been greater since the 1970s than in previous periods. (Full article...)

The Lorenz attractor is a 3-dimensional structure corresponding to the long-term behavior of a chaotic flow, noted for its butterfly shape. The map shows how the state of a dynamical system (the three variables of a three-dimensional system) evolves over time in a complex, non-repeating pattern.

The attractor itself, and the equations from which it is derived, were introduced by Edward Lorenz in 1963, who derived it from the simplified equations of convection rolls arising in the equations of the atmosphere.

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Kevin Warwick (born 9 February 1954) is an English engineer and Deputy Vice-Chancellor (Research) at Coventry University. He is known for his studies on direct interfaces between computer systems and the human nervous system, and has also done research concerning robotics. (Full article...)

• ... that the American systems scientist John Nelson Warfield found systems science to consist of a hierarchy of sciences.
• ... that a successful experimental system must be stable and reproducible enough for scientists to make sense of the system's behavior, but unpredictable enough that it can produce useful results?
• ... * Beginning at the base, with a science of description,
• ... * and next a science of action, called "Interactive management".