There are different types of financial crisis and different interpretations of these crises. Some make reference to so-called economic bubbles, others to expectations, given different potential conditions of balance. In the light of these theories, it is possible to better understand the crisis underway and the importance of the institutions in an efficient financial system.
 

Many believe that globalisation favours large businesses. Others affirm that small businesses have greater advantages, as in this way they gain access to more remote markets. We are seeing a profound change in the extent and methods of international exposure for Italian businesses. Is it likely that the current crisis will lead to a change in the global value chain, heralding more opportunities rather than increased mortality?

From miracle to decline? Between 1950 and 1991 the per capita income in Italy increased by an annual average of 3.8% in real terms. In subsequent years the average was just 1.3%. In 1950, the average Italian had an income equivalent to 38% of the average American. In 1991 he had reached 76%. This then declined to 64%. Italy is losing ground not only in relation to the United States, but also as compared to almost all European countries. What has happened? Or what has stopped working? Will the global crisis exacerbate this decline, or could it represent a new turning point?

In an era of crisis such as the one we are going through, there is an increasing need to find one's identity in a community. The point of reference is often linked to the land. The landscape and physical environment are no longer romantic aspects but rather concrete sources of wealth if adequately exploited. A community linked to the land may have values of inclusiveness and solidarity, but it may also exclude.

 

President MASSIMO GAGGI, Prosecution MARCO ONADO, Defence LUIGI ZINGALES

Depositions by MAUKUS BRUNNERMEIER, JOHN COCHRANE, PIETRO MODIANO, WOLFGANG MUNCHAU

In an increasingly fluid society undergoing such profound upsets, is there any sense in choosing a target for communications? Do consumers recognise themselves more in socio-demographic classifications or in the tribes that show a sense of belonging to a common identity? Perhaps we are coming to the end of advertising as it has been understood to date. Should we move on to 'invertising'?

Our knowledge reflects the influence of our near neighbours and may give rise to errors.  The fact that knowledge flows over short distances helps us to understand the importance of cities in today's knowledge-intensive world. However, the power of local influence also helps us to understand why humans persist in local errors, such as beliefs about poverty or the dangers of different ethnic groups.  While human error is typically seen as being at odds with the spirit of modern economics, the tools of economics are actually the best weapons we have for understanding mass mistakes.

Given current trends in terms of migration flows across borders, cultural diversity, cultural integration and identity formation are and will be central elements of our modern societies. Differential patterns for the assimilation of minority groups (for example through cultural transmission learning and identity formation) have different implications for the political economy of redistribution and welfare state institutions.
 

Long-term transformation has taken place as regards the State, its capacity to act and its relationship with citizens. It is necessary to take the opportunity to reflect particularly carefully on possible ways of intervening to promote greater efficiency and the ability to support social and economic development.

What does Obama's election tell us about the state of racial prejudice in the USA? What influence could the election of the first coloured man have on the evolution of race relations in the United States?
 

speakers ANIL KASHYAP (video link) and VINCENZO GALASSO, lavoce.info

Britain once prided itself as a model of how to create a successful multicultural society.  But the bombs in London mean many now think Britain has sleepwalked into creating a society of incompatible cultures.  Taking a look at some of the evidence, it is possible to evaluate the current situation.

The rise in the price of food products has increased expenditure for imports for developing countries by 25%. The world economy will not be the same for a while. What has the economic boom meant for most of the world's population? The world has drawn on its natural resources with rapacity and most of the population in developing countries has gained little from it. Reducing inequality will not be easy.
 

How globalisation can help us to move out of the Depression. An update on the proposals of the Commission on Growth and Development.