{"id":103064,"date":"2025-01-24T13:57:07","date_gmt":"2025-01-24T12:57:07","guid":{"rendered":"http:\/\/www.fondazionepirelli.org\/?p=103064"},"modified":"2025-01-24T13:57:07","modified_gmt":"2025-01-24T12:57:07","slug":"globalisation-without-a-global-consciousness","status":"publish","type":"post","link":"https:\/\/www.fondazionepirelli.org\/en\/corporate-culture\/insights\/globalisation-without-a-global-consciousness\/","title":{"rendered":"Globalisation without a \u201cglobal consciousness\u201d"},"content":{"rendered":"

A speech by the Governor of the Bank of Italy provides an outline for a better understanding of the situation we are currently living through<\/em><\/p>

War is on the rise, geopolitical tensions are rising, uncertainty and instability are rampant. It is a complex and challenging economic and social situation that the world is experiencing and that companies, institutions and individuals are having to deal with. This is the situation discussed by Fabio Panetta, Governor of the Bank of Italy, in his speech entitled “Peace and Prosperity in a Fragmented World” at the “Economy and Peace: a possible alliance\u201d conference on 16 January 2025 organised by the Centesimus Annus Pro Pontifice Foundation.<\/p>\n

So, peace and prosperity. Panetta argued that “the number of wars, which declined after the fall of the Berlin Wall, has risen again in the last fifteen years and reached its highest level since World War II in 2023\u201d. It seems that peace is a long way off. So much so that the Governor himself points out that \u201cafter years of strengthening international cooperation and economic integration, history now seems to be taking a step backwards\u201d.<\/p>\n

From all this, Panetta goes on to examine the consequences of an observation: “Without peace, humanity cannot prosper; nor can the economy\u201d. The speech then delved into the details of this reality, including debunking the notion that a war economy is actually good for the economy as a whole and has long-term effects. Just as it is equally wrong to think that war production can generate innovation instead of scientific research.<\/p>\n

Panetta then went on to argue that growth and economic integration should be seen as the instruments of peace. And that, indeed, in modern economies, “development is based on integration and international trade”. Recalling the history of the decades after the Second World War, the Governor went so far as to confront “the discontents of globalisation and geopolitical changes”. This is an important part of the landscape of Panetta’s research: globalisation has also had undesirable effects, and the lack of reforms can slow down income distribution and the welfare equation.<\/p>\n

He then went on to ask a crucial question: what should be the economic policies \u201cfor peace\u201d? Openness to exchange and balance in relations seem to be the two general indications. Two goals to be achieved by means of a set of tools to be applied. For example, tackling inequality, strengthening education and training, accelerating social protection and ensuring access to effective health care, debt management. Again, Panetta points to the importance of supportive development policies.<\/p>\n

In his conclusion, one of the Governor’s sentences sums it up perfectly: “The economy seems to have globalised without a ‘global consciousness'”. Fabio Panetta’s speech is a worthwhile read for everyone.<\/p>

Peace and prosperity in a fragmented world <\/strong><\/a><\/p>\n

Fabio Panetta<\/p>\n

\u201cEconomy and peace: a possible alliance\u201d<\/p>\n

Centesimus Annus Pro Pontifice Foundation, 16 January 2025<\/p>\n","protected":false},"excerpt":{"rendered":"

A speech by the Governor of the Bank of Italy provides an outline for a better understanding of the situation we are currently living throughWar is on the rise, geopolitical tensions are rising, uncertainty and instability are rampant. It is a complex and challenging economic and social situation that the world is experiencing and that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56,57],"tags":[],"class_list":["post-103064","post","type-post","status-publish","format-standard","hentry","category-corporate-culture","category-insights"],"acf":[],"yoast_head":"\nGlobalisation without a \u201cglobal consciousness\u201d - Fondazione Pirelli<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fondazionepirelli.org\/en\/corporate-culture\/insights\/globalisation-without-a-global-consciousness\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Globalisation without a \u201cglobal consciousness\u201d - Fondazione Pirelli\" \/>\n<meta property=\"og:description\" content=\"A speech by the Governor of the Bank of Italy provides an outline for a better understanding of the situation we are currently living throughWar is on the rise, geopolitical tensions are rising, uncertainty and instability are rampant. 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