In response to the crisis, the State has intervened to rescue banks and financial institutions, to restore confidence in the market, and to guarantee loans and transactions. Within the space of a few weeks, the State in many countries has become the largest shareholder in major banks and insurance companies, resuming the role it had abandoned during the protracted era of privatizations.
The participants at this ASL seminar observed that history has always been marked by periods of change – the current one being no exception. The failure of the economic paradigms that underpinned Western development for decades has triggered a widespread sense of fear, which has translated into mistrust and instinctive and irrational behaviors.
The approval of a renewable energy and climate change legislative package by the European Union in December 2008 is part of a wider push to formulate a global policy to combat climate change. Indeed, the Copenhagen Conference to be held in December this year will play a key role in deciding what should follow the Kyoto Protocol once it expires in 2012.
The participants in this talk-debate noted that by acknowledging the existence of various “Souths” in Italy rather than continuing to speak of “the South”, efforts have been made in recent years to mitigate the persistence of the serious and unresolved question of the South. The underlying hope has been that, by differentiating between the various areas of Italy’s Mezzogiorno, widespread change and gradual renewal might be encouraged to take root.
Innovation is a “complex science” that is distinct from invention. It is characterized by the key role played by human capital and, particularly, of the entrepreneur-leader intent on generating economic and/or social value. During the debate, it was noted that Italy has fallen behind the most developed countries, especially in the following areas (held back by the constraints described below):
The global financial crisis will have a major impact on the future of all of Italy’s economic system, particularly the utilities sector. Adopting an evolved Keynesian approach – above all for large infrastructures – could play a crucial role in increasing the country system’s competitiveness. The resumption of large public works – which should begin soon to help deal with this cycle of economic recession – should include identifying some extensive strategic works on which finances should be concentrated.
International public opinion has a well-defined image for every country. These impressions, often stereotypes, are influenced by centuries of history, the territory’s formation, the way its citizens behave, and even by chance. They tend to give preference to secondary aspects that have simply had a stronger impact on the collective imagination.
The seminar dealt with the main challenges that the Italian economic system is facing in this difficult chapter marked by the international financial crisis, of systemic origin, whose extent and length have yet to be determined.
The debate devoted to globalisation, as it evolved, naturally shifted its focus on financial crisis even though the analysis of the short-term aspects were quickly overcome by the medium- and long-term ones. The central question referred to the nature of the crisis: is it to be considered a cyclical or a structural change? Agreeing on the second scenario would mean that we are witnessing the breakdown of an established model and the end of capitalism and globalisation as we know it.
The seminar, part of a series dealing with major issues and devoted to the National Interest, examined several crucial points for the promotion of economic growth and the raising of productivity levels at a historical moment marked by the risk of recession and by profound transformations in international economic equilibria. It was observed that to unshackle Italy’s growth, governments and the political sphere must be capable of mobilizing coalitions that are favorably disposed to reforms, highlighting the widespread benefits that they can generate.
The seminar dealt with the issues of the Mezzogiorno from the viewpoint of the economic, social and institutional aspects of National Interest.
Moreover, the theme of Italy’s Mezzogiorno does not easily lend itself to any sort of sweeping analysis. There are increasing instances of areas of high economic and technological development in Southern Italy, where even local governments have shown signs of operating effectively.
This seminar focused on the fact that Italy has three important and strategic crisis areas to deal with simultaneously, namely, immigrants, women and youth. Indeed, it has failed to find the best ways of putting these three significant pools of talent to good use. It was noted that women, for instance, achieve the best results throughout schooling, yet once they enter the workplace they experience various drawbacks such as lower salaries, higher unemployment, less career advancement and a very low level of representation in senior positions.
The wiki model, the gift economy and coopetition: these three seemingly obscure concepts harbor features of the most advanced contemporary social relations models. Representing relational systems that were developed on the internet, today they have spilt over into the real world – into the economy and the businesses that are key players in them.
The May 2008 Aspen seminar represented a timely occasion to discuss about the current turmoil in financial markets and to assess whether long term changes in structure and dynamics of international financial markets are taking place.The participants analysed the origin and developments of the current turmoil in financial markets and emphasised the central role played by central banks around the globe to restore confidence in the financial markets.
The seminar on “Europe’s financial markets and global competition”, held as part of the Aspen Seminars for Leaders program, set out to assess the competitiveness of the European financial system and its prospects for further integration and consolidation. Particular attention was also paid to the legislative framework and whether it was capable of keeping pace with rapid changes in the market.
The seminar on “Human capital, businesses & social capital: synergies for growth and competitiveness”, held as part of the Aspen Seminars for Leaders program, examined the growing influence of human capital in determining the competitiveness of Italy’s economic system in globalized markets. It was recalled that human capital plays a key role in terms of the internationalization of businesses and the governance of complex organizations.
The impetus for the seminar on “Italy and its élites: proposals for a new ruling class”, held as part of the Aspen Seminars for Leaders program, grew out of an awareness of the urgent need for a new class of leaders to be established in the various sectors of Italian society.
The seminar on “Consumption and the consumer: new realities, new scenarios”, held as part of the Aspen Seminars for Leaders program, focused on the awareness that consumption is not only economically significant but is also impacting on social dynamics to a greater extent. Consumers, having become disenchanted, autonomous and prone to shopping around, are increasingly making their purchases online.
This seminar was also part of the national interest cycle. The discussion aimed to formulate proposals on how to create an integrated system of physical infrastructures, to boost Italian competitiveness in global markets. Infrastructure networks are an architecture around which multiple services can be developed. These, in turn, contribute to the growth of the economic system.
The seminar on “The demographic revolution: implications for society and business”, held as part of the Aspen Seminars for Leaders program, examined the consequences of the net fall in population growth and the increased life expectancy of Europeans, as well as the consequent impact on the economic system. Growing migration flows need to be managed with a view to integration and stability by formulating the necessary institutional responses to deal with the spread of the phenomenon.
