The participants at this roundtable were deeply critical of the lack of transparency in the international financial system, the product of an out-of-control laissez-faire capitalism and a global lex mercatoria that has swept aside traditional capitalist organizational forms and the regulatory functions of public authorities.
Debate at this roundtable touched on the complex relationship that persists between the media and the business community. Participants noted that information should not be considered a necessary evil, but rather a meter by which to judge a democracy – a country’s freedom is evident in its journalism. A lack of information, of course, is detrimental to the workings of a democracy. Silence or tardiness in getting out the news represents a clear case of market abuse. As happened in the US, with the subprime catastrophe, financial markets also depend on the news.
Western businesses are increasingly focused on social responsibility, making a point of thinking not just of profits but of the environment and workplace safety, for example. It is not just a matter of “doing good”: today, the market demands such attention. The consumer is aware, and a company’s social responsibility is a meter by which it is judged – turning good works into a clear marketing tool. Social responsibility represents value added, and is considered part and parcel of a given organization.
Discussion focussed on the strategic role played by bank foundations, especially following the Constitutional Court’s 2003 ruling that they are specifically involved in guaranteeing social liberties. Foundations have a mission to guarantee horizontal subsidiarity and, therefore, support the country’s intermediaries (from the private sector to the state), today charged with maintaining development strategies and social cohesion. The 88 bank foundations currently existing in Italy have a patrimony of 47 billion euro; between 1993 and 2006 that sum grew at an annual average of 5.7%.
Discussion at this roundtable touched upon a series of strategic hot spots for China’s future and for its role in a global world. Many of the issues considered are the focus of the upcoming issue of Aspenia (n. 41, in Italian, due out June 10).
“Food” involves a vast and complicated network of professions, actions, movements and skills (from agriculture, to trade and distribution, to cooking and eating). All these areas can be considered elements of a single great macro-process, which is much more complicated than most consumers realize. Debate at this roundtable focused on the role gastronomy plays in spreading knowledge and understanding to all those many players that take part in the process.
The debate highlighted the economic and social importance of sports as well as the complexity of challenges facing public policy-makers in the field. In Italy, sport continues to represent a phenomenon with profound social roots. Fields, gyms and arenas cover the national territory better than any other social structure and play a key role in community aggregation. The organizational model of Italian sport is one of the country’s success stories. Italy’s national teams compete at the top level in all major international meets, starting with the Olympics.
Globalization, the erosion of the classic hallmarks of national sovereignty, the technological revolution and the financialization of the economy: all these scenarios have been at the center of public debate for some years now, both in Italy and abroad. But how can we stem the tide generated by global phenomena of a largely unforeseen magnitude? How do we face up to the risks and exploit the opportunities that arise from a precipitate transformation?
Italy’s south or “Mezzogiorno” is a region that fails to meet todays challenges. It deserves better, but the lack of infrastructure and of qualified labor, as well as excessive bureaucracy, high levels of organized crime, widespread disrespect for the law, weak institutions and a lack of social capital. These obstacles make it difficult for the region to take advantage of its many opportunities for development.
In the present difficult macroeconomic scenario, enacting a federalist transformation of the financial relations between the state and local government is a preordained occasion to improve the quality of administrative action; at the same time improving public expenditures according to principles of transparency, efficiency and responsibility.
The roundtable represented a unique opportunity to reflect upon relations between the West and Islam. Since September 11, 2001, it has been clear that this relationship represents one of the world’s key problems. Nor can the relationship be dealt with in the manner of “normal” international relations: they involve broad, complicated meanings and many different dimensions. In other words, even if the word “clash” is too strong, there is undoubtedly an ongoing comparison, discussion and study between the two cultural approaches.
The Milan roundtable focused on ongoing transformations that link the finance sector with that of insurance companies in the vastly changed global scenario, especially in consideration of newly emerging economies. Particular attention was paid to the tricky issue of export credit insurance, a sector seriously affected by this changed environment. In the current international context, new players are constantly appearing and value systems have to cross national boundaries.
Globalization of markets and cultures, the rise of new world powers, the rapid progress made in the field of ICT and the continuous growth in efficiency levels in all sectors, favour the growth of new complex organizations in all sectors, from business to politics and society. These require clear and efficient regulations which can guarantee their perfect functioning in an ever changing environment. In this context, human resources are once again the number one asset for every organization intending to compete at an international level.
The discussion analyzed the various ways to encourage the use of alternative sources of energy; an issue which has been widely discussed in the past and now brings us to discover and experiment innovative solutions such as carbon sequestration or new generation photovoltaic cells which may lead us to a change in our usual habits. Energy saving, nuclear power, carbon and renewable energy sources are prime candidates in bringing their contribution to the solution of a crisis determined by the scarcity of oil fields.
The roundtable “Integrated pension plans: present picture and prospects for the future” highlighted the relationship between demographics, aging and pension systems. It took a close look at the lack of financial sustainability of the latter without any tax intervention on salaries and on the general population. Participants analyzed the solutions adopted by most of the OECD countries and there was a discussion of some of the best practices worldwide.
This roundtable was born of a bitter truth: in this era of communication, talking and listening – which should be the pillars of our interpersonal relations – are considered less important than looking. Dialogue is no longer a balanced and respectful form of interaction, as it should be between two speaking individuals. Everyday relations in the workplace are an example: those higher up in the hierarchy often forget that they are surrounded by valid elements, by thinking human beings who are worth listening to. Participants agreed that today images often replace words.
The Roundtable highlighted the important role played by the Italian banking system due to the nature of the economic system which is characterized by a large number of small and medium enterprises in the industrial and services sector. In Italy there are currently 37 local banks and 439 banks of cooperative credit for a total of 14,8% of the Italian banking system.
During the roundtable, participants discussed several fundamental aspects of the ongoing transition to a very different sort of television. By 2012, tv will be made up of a sort of “digital pie” in three pieces: paid and free satellite – with hundreds of channels; cable – with sixty or so channels; and IP – with hundreds, or even thousands of channels, including accessible libraries and programs on demand. Markets will change accordingly, as will the primary players and the norms regulating it all. To this end, participants considered the Italian Gentiloni Bill on television reform.
Debate focused on a general renewed interest in “virtue”, defined as a series of absolute and eternal values. Without forgetting more traditional virtues, such as prudence, justice, strength and temperance, as well as others linked to Christianity – faith, hope, charity – participants also examined more contemporary conceptions of virtue: from respect for nature to resource management, to narrow issues such as intellectual property rights and patents on medicines developed in rich countries and unaffordable to the world’s poor.
The roundtable “Fighting poverty” was hosted by the Community of Sant’Egidio and offered participants the opportunity to consider how Italy – a G8 member state – might better fight widespread poverty. Greater commitment is needed if the planet’s poorest regions are to recover, especially in Africa. Most of the aid promised by donors is in fact aimed at Africa, yet the continent remains desperate. Promises must be kept and new strategies must be developed if our objective of halving poverty by 2015 is to be realized.
