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Angelo Cavallo, Federico Frattini, Tommaso Canonici

Persistent growth: why expanding is no longer enough

A recent scientific study shows that only 15% of the companies that exhibited high growth in 1985 were able to sustain it for at least thirty years. McKinsey reached the same conclusion in a study examining the performance of the world’s 5,000 largest companies. In particular, the study found that the median corporate growth rate was 2.8% (considering the ten years prior to Covid), and that only ...

Andrea Beltratti, Alessia Bezzecchi

AI, the market, and the value of possible worlds

The high valuations of AI stocks are fueling debate over a possible new technology bubble. A few figures explain why. In 2026, Nvidia surpassed a market capitalization of $5 trillion, while the U.S. semiconductor sector posted gains of more than 100% over the past year. The U.S. market is trading at multiples that are very high by historical standards: the S&P 500’s Shiller P/E has risen above 40, ...

Magazine article (E&M - 2019/2) Amatori Franco

The Long Autumn in Italy’s History

In the 1970s, Italy lived through an unprecedented cycle of labor conflict, that started with the Fiat strike in September 1969, and ended with the “March of 40,000” in Turin in October 1980.#The dynamics of industrial relations in Italy had previously seen moments of particularly strong conflict which had been followed by a retreat of the unions: the occupation of the Red Biennial (1919-1920), ...

Magazine article (E&M - 2019/2) Pulignano Valeria

The Ambivalence of Industrial Relations

Trade unions in Italy are currently facing certain critical problems that derive from the exhaustion of the previous phase of industrial relations, based on policies of consultation with employers’ associations and public representatives, and the difficulty of sharing a “synthesis” of the transformations underway with the other actors in industrial relations.#In the new scenario of the gig economy, ...

Magazine article (E&M - 2019/3) Perretti Fabrizio

Goodbye Workers?

This dossier is dedicated to work, and more specifically to workers in businesses and organizations in a broad sense. “Workers” is an almost outdated term that, similar to what happened with “laborers,” is now disappearing from the managerial vocabulary. In its place people speak of “human resources” and “human capital,” and no longer of “employees” but “associates.” Yet we ...

Magazine article (E&M - 2015/02) Gatti Stefano

Pension Funds’ Long Term Investment: A Huge Potential Demand. Interview with Mr. Raffaele Della Croce, Lead Manager, Long-term Investment Project, OECD

Looking back at the past few years, the spectrum of possible interested investors in infrastructure is now much broader. Can you please provide an overview of the different channels to infrastructure investments available to the private sector? Infrastructure can be financed using different capital channels. The evolution of the capital markets shows that financial innovation develops new financial ...