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Tag Archives: Italy

Five Key Points for Italy’s Banking Woes

Five Key Points for Italy’s Banking Woes

There is serious concern about Italy’s banks and whether the bad debt they are carrying signals trouble for the Eurozone. In facing up to its troubled financial system Italy’s political leaders could also benefit from a moment of reflection on what the role of finance could, and should, be in a dynamic and functioning economic system. As finance is central to the capitalist system, the lessons for Italy’s financial system are broader than the role of its banks. I will concentrate on 5 key points.
First, money is not just a medium of exchange, replacing barter and then gold. Money lies at the centre of the economic system which is, as understood especially by the great economist Hyman Minsky more

Cinque medicine per curare la malattia delle banche

Cinque medicine per curare la malattia delle banche

“I travagli che da diversi anni scuotono il sistema finanziario italiano offrono spunti di riflessione sul ruolo che la finanza potrebbe e dovrebbe avere in un ecosistema economico dinamico ed efficiente” PDF English version more

STATE VS. MARKETS: A MISLEADING DICHOTOMY

STATE VS. MARKETS: A MISLEADING DICHOTOMY

The debate about the relative roles of the state and the market in capitalist economies tends to swing from side to side in the hearts and minds of public opinion: periods when the state is defended for its role in economic development are always superseded by an attack on its intervention into ‘well functioning’ markets. It has been like this throughout the twentieth century. And it is what has happened since the most recent global financial crisis and economic recession: a brief period right after its outbreak, when there was consensus that the state had a key role to play in both saving the banks and using fiscal policy to promote growth, was quickly apprehended more

Greece: the useless compromise

Greece: the useless compromise

The arm wrestling between Athens and its international creditors seems likely to lead to yet another compromise. While some see this optimistically, it is time to shout loud and clear that this is an agreement that is unlikely to solve anything. Particularly not Greece’s real, underlying problems, which are huge and have to do with solvency, not liquidity. To tackle Greece’s real problem we need to address the real issue: the lack of a plan for investments that more

New Years Resolution: battle against inequality and financialization

New Years Resolution: battle against inequality and financialization

The global financial crisis that began in 2008, and whose remnants are still felt strongly in countries facing full blown economic crises, was caused by two key factors. First: rising inequality, especially in the US, which caused those people with falling living standards to take out massive levels of debt, beyond what their income levels could later repay. Second: by a de-regulated financial sector which outstripped industrial more

L’abisso della disuguaglianza

L’abisso della disuguaglianza

English version

Italian version part 1 and part 2 (as featured in Italian newspaper La Repubblica)

“LA CRISI finanziaria globale che è cominciata nel 2008 e i cui strascichi si fanno ancora sentire pesantemente, è stata provocata da due fattori. more

Quanto Stato c’è nella Silicon Valley

Quanto Stato c’è nella Silicon Valley

English version Italian version part 1 and part 2 (as featured in Italian newspaper La Repubblica) Ufficio Stampa Rai mention “When Renzi visited Silicon Valley last month, he did so in the name of bringing innovation, competition and dynamism to Italy. He is right to make this a key concern given that this country has had… more