The pandemic has caught the United States at a delicate pre-electoral moment. The incumbent president is counting heavily on solid and sustained economic growth, while the Democratic Party is offering an alternative at least partly founded on a larger government role in income distribution and in providing essential services – including healthcare.
The fourth Aspen University Fellows roundtable was devoted to the theme of Italy’s compatibility with the newer generations and the role of those generations in a society whose complexity often generates uncertainty and pessimism.
The European Union is confronting a series of long-term structural challenges that, nevertheless, require the immediate implementation of high impact, broad-spectrum policies. An initial issue is climate change, naturally a planet-wide concern for which Europe has already set goals, such as carbon neutrality within 2050 (which will obviously have direct effects on the energy sector).
The Artificial Intelligence debate, which started back in the 1950s, has become particularly topical today. The benefits of AI are recognized as undeniable but, at the same time, there is growing fear and resistance owing to the evolution of the man/machine – or subject/tool – relationship.
The resources now available to science and technology have become immeasurable. The human brain has been creating increasingly smaller and powerful technologies that, in many cases, surpass human strength and capacities. Machines are digitalizing and perfecting nearly every sector, some of which are undergoing a revolution of unprecedented proportions.
In a global framework filled with uncertainty and marked by several true systemic changes, the still structurally sound transatlantic relationship is undeniably feeling the effect of rising tensions. Both the United States and Europe are subject to strong socio-political forces that are challenging faith in institutions and even the Western model itself – even though clear alternatives have thus far been lacking, and traditional European parties managed to hold out against the anti-establishment and euro-skeptic movements in the recent parliamentary elections.
The digital transformation is an unstoppable force that is revolutionizing contemporary society. However, the polarization resulting from the ongoing social and economic changes is highlighting the need for this transition to be guided with a view to preserving social equity and stability in an increasingly complex scenario.
Prospects for the global system, in economic/financial as much as political/strategic terms, are suffering the lack of a clear-cut ordering principle. There is no doubt that the international order is changing: Fragmentation and insufficient governance are a serious risk, with the rise of problems that cannot be confronted at national, and possibly not even regional level, ranging from financial rules to big data and privacy, and from climate change to migration.
Banking is one of the sectors most exposed to the digital revolution. The major changes introduced by new technologies and the various actors that have debuted on the credit market are causing traditional operators to wonder about their future. The timid attempts at innovation undertaken to date by Italian banks do not appear sufficient to ensure their competitiveness in a scenario that is seeing sources of short and medium term returns shrinking.
The global economic picture is raising concerns over the (partially synchronized) slowdown being observed in various regions and the uncertainty caused by trade tensions, resulting in a mix of cyclical economic factors, financial concerns (fiscal and monetary policies, debt amount) and geopolitical issues with a pronounced technological dimension. United States and European policies can determine what instruments will be adopted to address these challenges as well as long-term transatlantic cohesion.
The globalization trends of the last two decades and the resulting interdependence between countries, from trade to technological infrastructure, imply that any disruption to business activities can have consequences on a global scale. The latest geopolitical tensions suggest that such disruptions can derive from conventional measures, most recently through the imposition of bilateral tariffs, or from unconventional ones – such as cyberattacks.
The technological and economic convergence of electrical and gas grids will be what marks the future energy transition, and it will be up to a modern delivery system to create a more sustainable, efficient and circular energy system. The move is toward a change in the energy mix. Indeed, although 46% of electrical power is produced today from coal and nuclear, considerable growth in the use of renewable energies is expected for 2030. The most effective management of the transition, then, will mean keeping environmental and economic sustainability in mind.
Italy has great potential to attract investments but many factors still hinder the influx of foreign capital. Data on the presence of multinationals offer a mottled picture. As regards the manufacturing sector, the more important of the second ranked European industrial power, nearly 20% of employees answer to foreign multinationals, a percentage that rises to 25% in the field of mechanical engineering, the pride of the “made in Italy” brand.
The third Aspen University Fellows round table focused on the digital revolution’s impact on democracies. The world is currently experiencing a sort of mingling of physical and digital continents. In its early years, the web was seen as an extraordinary invention that would have made it possible to govern existing communications systems by fostering the birth of a more pluralistic society.
Every year there are millions of premature and preventable deaths owing to air indoor and outdoor pollution. Various sources provide differing data, but still there are millions of deaths (between 7 and 9), and 88,000 of these in Italy alone. Diseases that strike all the organs – brain, lungs, heart, and metabolism – and are always traceable to the effects of pollutants, many of which even cross the blood-brain barrier and are therefore neurotoxic. Of particular concern is the impact on the more fragile segments of the population, such as pregnant women and children.
