Making the Global Economy Work for Everyone : Lessons of Sustainability From the Tech Revolution and the Pandemic

"The Covid-19 pandemic has revealed the weaknesses of globalisation, exposed the fragility of the current growth model, and accelerated the ongoing tech revolution. The world is increasingly facing the risk of decoupling between growth and employment, of a jobless growth with a disconnect between productivity and wages. This book is an in-depth analysis of these weaknesses and fragilities in the context of sustainability. Economist Marco Magnani suggests the possibility of pursuing a more balanced, environmentally and socially sustainable growth while defusing todays apocalyptic alarmism about climate change, energy and demographic constraints, and the future of work. He explores alternative growth models such as circular and civil economy, sharing economy, convivialism, and happy degrowthand takes cues from them. He investigates the labour market, pinpointing occupations and work tasks at risk but also showcasing new jobs created by technology. He compares proposals such as reducing work hours, providing a job guarantee, mandating a universal basic income, and imposing a robot tax. The book makes innovative policy recommendations, such as the establishment of an endowment capital and the payment of a social dividend, and suggests a shift from re-distribution to pre-distribution policies. This will undoubtedly foster fierce debate. Marco Magnani closely examines artificial intelligence (AI) and big data, augmented reality and Internet of Things, quantum computing and blockchain, and biotechnologies and nano-materials. The reader embarks on a journey to learn about innovation, discover the threats of globalisation and the uncertainties of the labour market, redefine the man-machine relationship, and find a path to sustainable growth. The end goal is improving peoples lives, leveraging robots and machines despite their formidable and unjustifiably frightful rise, to make the global economy work for everyone."--Provided by publisher Acknowledgements Praise for Making the Global Economy Work for Everyone Introduction This Time Might Be Different Contents About the Author 1 Innovation: Engine of Economic Growth (and Employment) Cowboys Versus Astronauts Malthus and the Constraints on Economic Growth From Nomadism to Sedentism: Innovation and the Neolithic Revolution From the Plough to Genetic Engineering: Innovations and Growth in Agriculture From the Wheel to the Blockchain: Innovations and Growth in Trade Steam Engine, Electricity, Computers and the Internet: Industrial Revolutions and Economic Growth Financial Innovation, the Transmission Belt Between Technological Change and Economic Growth Disruptive and Sustaining Innovation Radical and Incremental Innovation Bibliography 2 The Technological Revolution: The Rise of Machines Advanced Robotics What Is It? The Big Change: Threats and Opportunities Driverless Car What Is It? The Big Change: Threats and Opportunities 3D Printing and Additive Manufacturing What Is It? The Big Change: Threats and Opportunities Internet of Things (IoT) What Is It? The Big Change: Threats and Opportunities Big Data What Is It? The Big Change: Threats and Opportunities Quantum Computing What Is It? The Big Change: Threats and Opportunities Cloud Storage and Computing What Is It? The Big Change: Threats and Opportunities Artificial Intelligence, Machine Learning and Deep Learning What Is It? The Big Change: Threats and Opportunities Augmented and Virtual Reality What Is It? The Big Change: Threats and Opportunities Blockchain What Is It? The Big Change: Threats and Opportunities Nanotechnologies and Nanomaterials What Is It? The Big Change: Threats and Opportunities Biotechnology What Is It? The Big Change: Threats and Opportunities Other Innovations, Technologies and High-Potential Sectors Bibliography 3 The Technological Revolution: Professions at Risk and New Jobs New Technologies: A Tsunami Affecting All Sectors and (Almost) All Professions Agriculture and Animal Husbandry, Forestry and Mining Manufacture When Automation Creates Jobs: Reshoring and Near-Shoring Reshoring as a Source of Quality Employment: The Italian Case Transport (of People and Goods) Trade and Sales Travel, Tourism, Hospitality, Catering Banking, Insurance and Consulting Medicine, Health and Personal Care Office Work, Freelancing and Journalism Web Services School and Training Start-Ups and New Entrepreneurial Activities New Jobs and Skills Bibliography 4 Constraints to Economic Growth: Sustainability, Happiness and Other Issues Economic Growth and Sustainability Sustainable Growth and the Environment Global Warming Changes the Economy, Finance and Geopolitics Sustainable Growth and Food Resources Sustainable Growth and Energy Sources Sustainable Growth, Demographic and Generational Balance Growth and Socio-Institutional Sustainability Growth and Sustainable Demand: The Risk of Secular Stagnation Alternatives to the Traditional Growth Model Economic Growth, Well-Being and Happiness Bibliography 5 New Jobs or Technological Unemployment? Economic Growth, the Transmission Belt Between Innovation and Work This Time May Be Different The Risk of Jobless Growth High Frequency of Disruptive Innovations Penetration Rate and Pervasiveness of Innovations The Challenge to Intellectual Work Technological Revolution and Globalization: An Unprecedented Combination Detachment Between Presence and Location New Geography of Work: “Open” Countries Win Polarization of the Labour Market and Increasing Wage Inequality Decrease in the Value Placed on Work Crisis of the Man-Work Relationship Sense of Uncertainty, Social Anxiety and Political Distrust Inadequate Leadership and Poor Vision Bibliography 6 Many Proposals, Few Resources: Difficult Choices for the Future of Labour Work for Machines, Idleness (and Universal Basic Income) for Humans Work Less, Work for All Work for Free, Work for All Job Guarantee The Third Path: Intelligent Cohabitation and Labour-Intensive Professions The Third Path: Collaboration Between Humans and Machines Redistribution Mechanisms of Produced Wealth Guaranteed Minimum Income and Negative Taxation Universal Dividend No Robotization Without Taxation Web Tax Digital Dividend: The Value of Data Public Research: Collective Risk and Private Profit Bibliography 7 Human Beings at the Centre as “Shareholders” of Development Sustainability Goal: Scrapping or Adjusting the Traditional Growth Model? A Pragmatic Approach to Sustainability: The Cost–Benefit Analysis A “Gentle Push” Towards Sustainability Beyond Corporate Social Responsibility and New Consumer Awareness The Human-Machine Relationship: Substitution or Collaboration? An Old Dilemma: Assembly-Line Worker or Thinking Professional? New Rules Employment Policies, Job Protection and New Welfare Investing in Knowledge: School and Training to Reduce the Skills Gap Investing in Knowledge: The Role of Business in Training Human Capital New Distribution (or Pre-Distribution) Model Free and Compulsory Education Universal Loan Endowment Capital Strengthening the Economic System Bibliography 8 Ye Were not Made to Live with the Virus: Lessons from the Pandemic Black Swan or Foreseeable Event? Sailing in Uncharted Waters Is It the End of Globalization? Riding the Wave of Change Without Being Overwhelmed by It No Growth Without Health Sustainability A More Prudent Globalization Respect for the Environment and Sustainable Growth Solidarity Networks, the Role of the State in the Economy and International Cooperation Innovation, Work and Social Sustainability What’s Past Is Prologue Bibliography Conclusions: With Great Power Comes Great Responsibility Bibliography Index