At this roundtable session dealing with the future of Italy’s welfare system, the participants observed that tackling the issue of risk management requires the resolution of an evident paradox, namely, that while the risks to which households and firms are exposed are becoming greater in number and increasingly serious, the public resources needed to address them are in ever more limited supply.
It was noted at this national roundtable discussion that, according to the two most well-known systems for measuring the level of economic freedom existing in a country, the extent to which public authorities function well is a fundamental indicator of the same. Similarly, it is widely acknowledged that in countries where the functioning of the public administration meets the expectations of citizens, people can even be amenable to a high level of taxation.
Attendees at this National Conference examining the Italian banking sector noted that, according to economic theory, the financial system has a fundamental role to play in intermediating savings, allowing an efficient allocation of capital with consequent gains in productivity and wellbeing for the entire economy. In the recent past, however, this primary function has been compounded by others that have contributed to a distortion of the financial sector’s role and its relationship with the real economy.
Proceedings at this National Conference got underway with the observation that the ICT industry characterizes and defines the age we live in. The spread of digital technology has led to a radical sea change in the economic system that is perhaps yet to be fully grasped. The profound and complex changes that this has given rise to in a number of spheres of endeavor are often perceived as a threat in Italy, due to the devastating effects they are having on the status quo, on centers of power, on existing organizational structures, and on employment.
Discussions at this two-day seminar centered on the role of local, national and European-level public actors in stimulating economic recovery.
The resilience of family businesses, still accounting for over 60% of Italy’s medium-sized and large firms, has been reaffirmed throughout the crisis. However, the protracted recessionary environment and credit crunch, in conjunction with ongoing succession processes, is forcing many of them to fundamentally rethink their business models, financial and ownership structures in order to return to a growth path – or otherwise succumb to the fierce global competition.
Discussions at this national roundtable session got underway with the opening premise that the economic crisis and its social consequences have profoundly called into question the prevailing economic paradigm – a model based on competitive individualism, maximizing the profit of the individual, and an “invisible hand” regulating the market. The result is that the idea of the common interest merely being the sum of individual interests no longer seems sustainable in the current economic and social climate.
Discussions at this roundtable got underway with the observation that five years of crisis – triggered by the collapse of the financial sector and constantly compounded by (public and private) financial difficulties – have forced a rethink of the role of industry, which is now called on once again to become an engine of growth. Indeed, the need for a different economic vision, one which combines the kind of tangible and intangible values needed to kick-start new sustainable growth – has seen the production system return to center stage.
It is a long story that began back in the 1990s and that is still very much a part of the debate today. We are talking about the controversial and syncopated story of deregulation in Italy.
On July 19, the awards ceremony for the “Italian unification” competition organized by Aspen Institute Italia and the Istituto della Enciclopedia Italiana was held at Palazzo Lancellotti, Aspen Italia’s headquarters in Rome.
This national roundtable got underway with the observation that the digital revolution which began in the late 1990s has radically changed the world of television. Today, audiovisual content can be found on the internet, smartphones and tablet computers: transmission capacity has been boosted, general-interest TV is losing audience shares and the level of user customization is on the rise. Industry models are also changing – and fast. In the near future, the models for making television, delivering it to audiences, and making it attractive to advertisers will be very different.
Kick-starting discussions at this national roundtable event was the observation that few subjects have lent themselves as well in Italian public debate to the vivid use of metaphors as has the scale of the country’s public debt, often described as a mountain to be climbed, a dead weight, or as tantamount to a mortgage on Italy’s future. The actual figure is indeed staggering, amounting to nearly 2 trillion euros, and exceeding 123% of GDP.
Proceedings at this national roundtable got underway with the observation that, in recent years, the concept of ethics seems to have taken center-stage in economic debate. Expressions such as ethical finance, ethical trade and business ethics are being used more and more frequently, and all major international companies have a code of ethics.
Discussion at this national roundtable got underway with the observation that tourism is another largely underutilized resource that features prominently in the (somewhat copious) catalog of Italy’s untapped potential. For decades, the sector has constantly been held up as representing the epitome of the country’s missed opportunities, along with culture and natural heritage, with which it is clearly interlinked.
The starting point for discussions at this national roundtable session was the observation that, in this time of crisis, revamping Italy’s image is not just a strategic priority, but also a pressing necessity. The problem was seen as originating, paradoxically, from within the country itself, with Italians engaging in some sort of exercise in self-flagellation by talking down their homeland whenever abroad.
Discussion at this national roundtable focusing on immigration opened with the participants citing figures showing that foreigners account for 7.5% of Italy’s population (up from 1% in 1991) and contribute over 12% of national GDP. Many migrants have chosen to settle in Italy permanently, have bought a house (20%), and have children attending Italian schools.
Kicking off discussions at this national conference was the observation that the current financial crisis, evidently systemic in nature, is predominantly being shaped at this stage by perceived risk factors linked to vulnerabilities in the real economy and the banking system. Efforts in the political, economic and monetary arenas – both at national and European levels – seem to have eased speculative pressures on the markets and tentatively restored international investor confidence.
The starting premise for the discussions at this National Interest conference was that the coupling of research and development (R&D) is, at least on paper, an inseparable one. Indeed, in any discipline, research – understood as human endeavor aimed at discovering or investigating objects, phenomena or processes using scientific methods – has a potential impact on society.
The indestructible bond between art and the economy needs to be forcefully reiterated today, even at such a tough time for the global economy and for Italy’s economy in particular.
Proceedings at this National Roundtable examining the link between fiscal equity and growth in Italy got underway with the observation that, according to the Italian Constitution, taxation, as well as enabling the delivery of services and benefits essential to the welfare and progress of citizens, should also help overcome social inequalities through the application of redistributive justice criteria. This principle of “fairness” in setting tax levels takes on an even greater significance when, as is currently happening, social and economic disparities widen.
