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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, ...

Enrico Della Gatta

Why defence has become a key sector for the markets

For a long time, defence was perceived almost exclusively as a state cost, and in certain cultural circles even as an unproductive expense, a taboo to be confined to the margins of public and economic debate. Yet the defence of the community has always represented a pillar of society: it reflects collective fears and priorities, but above all the ability to organize resources and technologies in the ...

Sandro Castaldo

Trust, the hidden architecture of the economy

In an era marked by growing geopolitical instability, accelerated technological transformation, and economic volatility, it is not surprising that the word “trust” was one of the most discussed terms of 2025. When Italy’s most authoritative encyclopedia—Treccani—named it Word of the Year, the choice was less symbolic than it might have seemed. Indeed, today trust is one of the most telling ...

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 ...