Autore: Baravelli, Maurizio
Titolo: Quale capitalismo nel futuro dell'Europa?
Periodico: Quaderni di ricerca sull'artigianato
Anno: 2024 - Volume: 98 - Fascicolo: 3 - Pagina iniziale: 267 - Pagina finale: 287

In recent decades, industrial development in Europe has been mainly driven by a production structure based on articulated systems of small and medium-sized enterprises. Regardless of the effects of the euro and sovereign debt crisis, this productive structure has not shown that it can bear the weight of growth on its own. The European authorities therefore seem determined to promote a development model based more on large dimensions (see Mario Draghi Report on competitiveness). This means promoting concentrations not only of companies but also of banks. The foreseeable scenario is therefore that of the transition from a post-fordist economy to a new economy that we can define as neo-fordist. In fact, in order to continue to grow, Europe must evolve the prevailing family capitalism towards a modern managerial capitalism that promotes the development of large companies alongside the districts and territorial production eco-systems that characterize the European economy. Industrial mergers are considered necessary to achieve economies of scale in strategic sectors supporting competitiveness. This means that measures are also needed to strengthen the financial system through the creation of an efficient European single capital market. In other words, it is a question of mobilizing large masses of private savings towards the investments of this new European industrial policy. Public finance encounters limit and cannot be enough. But this strategy is expected to be difficult to implement due to the risk aversion of European savers who are not inclined to equity investments, preferring bonds and bank deposits. This paper discusses the socio-economic and financial impacts deriving from this hypothetical structural transformation and the difficulties that need to be overcome. How to achieve this transformation quickly is in fact the question that has not yet been answered. The emergence of big industrial corporations in strategic sectors can effectively reduce the external diseconomies of SMEs by increasing their competitiveness. But the Draghi plan includes complex projects which, as has happened in the recent past, are destined to encounter implementation difficulties. There is therefore a risk that the competitiveness plan will not be achieved with the consequent further weakening of the current economic system. But there is a further problematic aspect. The advent of a new European capitalism, which we have defined as sustainable neo-fordist, is guided by a dirigiste vision thanks to a regulatory framework and top-down measures in addition to those already existing on the ecological transition (ESG criteria). All this runs counter to the European principles of the market and competition, which must not fail. The most appropriate path to follow should be that of collaboration between industry and finance. However, both the big European entrepreneurs and the big European bankers have not yet expressed themselves on the matter.




SICI: 1590-296X(2024)98:3<267:QCNFD>2.0.ZU;2-W
Testo completo: https://www.rivisteweb.it/download/article/10.12830/116005
Testo completo alternativo: https://www.rivisteweb.it/doi/10.12830/116005

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