Aspen Seminars for Leaders

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.

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.

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 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 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.

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.