Making the Global Economy Work for Everyone

The Covid-19 pandemic has revealed the weaknesses of globalisation, exposed the fragility of the current growth model, and accelerated the ongoing tech revolution. 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 today’s apocalyptic alarmism about climate change, energy and demographic constraints, and the future of work. To make the global economy work for everyone.

“Due to our extraordinary innovations, for the first time in history machines are replacing not only our muscles and hands, but also our minds. Are we heading towards jobless growth? Marco Magnani does not exclude it, yet he proudly indicates a division of labor by which the soft skills of humans, from creativity to all the dimensions of emotional intelligence, will not be replaceable. Shepherds we were -he writes- and shepherds we will remain. Even with robots.”

—Giuliano Amato, Vice President of the Constitutional Court, former Prime Minister of Italy

“We look at the future with hopes and fears. We feel great responsibility and have many unanswered questions. In this book, Marco Magnani analyzes some of the key challenges of our times, stimulates reflection and suggests new paths to explore. A must-read.”

—Mario Delpini, Archbishop of Milano

“Making the global economy work for everyone might seem an impossible mission. The route to a just and truly sustainable future is impervious and strewn with pitfalls. Yet Marco Magnani's compelling and thoughtful roadmap dispels many lingering fears and provides sound hopes that a balance can be found between economic growth and protection of the environment, avoiding a human vs. machine conflict and making innovation a constructive key factor to face the perilous journey beyond the Pillars of Hercules!”

—Grazia Francescato, Environmental leader, former President of Italian Green Party and member of Italian Parliament, former President of WWF Italy

“Marco Magnani guides us through the fascinating territories of a future shaped by a new nexus between innovation and growth – at best, one of a technology-driven jobless growth, at worse one where the tie between technological progress and economic expansion is strongly severed. He offers a sharp insight on the challenges and responsibilities ahead of us to smooth out the potential disruptive effects on world prosperity.”

—Daniele Franco, Minister of Economy and Finance of Italy, former Senior Deputy Governor of the Bank of Italy

“The COVID-19 crisis has brought humanity unprecedented hardships and, perhaps more than other crises before it, it has served as a catalyst to innovate and an opportunity to transform to build a better world. In his insightful and thought-provoking book, Making the Global Economy Work for Everyone, Marco Magnani helps us imagine that better world. Magnani puts innovation in historical perspective, and shows how we can ‘put human beings at the centre’ to harness ‘socially balanced and sustainable’ innovation for the well-being and betterment of us all.”

—Kristalina Georgieva, Managing Director of the International Monetary Fund

“Marco Magnani’s book is a welcome reflection of those risks and opportunities that lie in economy and technology in a post-pandemic world. It is very necessary to continue this discussion.”

“The flip side of innovation and its potential is disruption and its discontents. Waves of innovation have brought gains around the world. In this important book, Marco Magnani reminds us that the current pace of technological change and innovation raises difficult questions of sustainability and broadly sharing prosperity’s fruits to bolster support for innovation and disruption. Business leaders and policy makers will want to read the book’s insights on how to navigate these questions. Otherwise, as Magnani notes, “this time might be different” in ways that leave us worse off.”

—Glenn Hubbard, Russell L. Carson Professor of Economics and Finance, Columbia University. Chair of the U.S. Council of Economic Advisers for President George W. Bush

“Finally, a book helping us to think intelligently about our exciting but also worrisome future. Innovation propels economic growth that in turn provides jobs for all. But it also destroys jobs. Machines and robots replace workers. AI and algorithms replace professionals. Unconstrained economic growth can ruin the planet. Marco Magnani helps us understand how we can navigate through these challenges.”

—Philip Kotler, S.C. Johnson Distinguished Professor of International Marketing at the J.L. Kellogg School of Management

“Contributing to making “human beings shareholders of development” is the ambition of Marco Magnani’s highly readable and immensely instructive book. As a precondition to achieving this objective, he addresses all the issues – immensely accelerated technological change, ever deeper integration of markets, unsustainable demands on resources, depletion of nature’s capital – which create fundamental uncertainty, haunting ever larger swaths of people. Magnani’s response to those deep concerns is to engage his readers in an enlightening debate, with the purpose of fostering their capacity to judge – and suggesting applicable ways to keep our societies on an inclusive and prosperous course.”

—Hans-Helmut Kotz, Resident Fellow, Center for European Studies, Harvard University, former member of the Executive Board of Deutsche Bundesbank

“What next? This is the all embracing question beyond the pandemic. In his powerful book Marco Magnani does not hesitate to deal with the most critical issue of current transition: is technological innovation an opportunity or a threat? By offering a wide ranging and stimulating analysis of the main forces at work, the book is an essential tool to understand and go through the ‘interesting’ – and challenging – times we live in.”

—Mauro Magatti, ARC Centre for the Anthropology of Religion and Generative Studies, Dept. of Sociology, Universitá Cattolica del Sacro Cuore, Milan

“Our zeitgeist exudes pessimism. Marco Magnani bravely makes a case for cautious optimism in the face of the many daunting global challenges we face. His measured wisdom merits deep reflection.”

—Kishore Mahbubani, Founding Dean of the Lee Kuan Yew School of Public Policy, National University of Singapore and the author of “Has China Won?”

“In this brilliant book, Marco Magnani explains why we can have a better future if we ride technology placing man at the center and aiming at sustainability.”

—Nicola Monti, CEO Edison group

“I have seen with my own eyes, both in orbit and on Earth, the catastrophic effects of climate change: Marco Magnani reminds us the planet does not belong to us, but its future is in our hands.”

—Luca Parmitano, Astronaut

“Will robots replace man in most tasks and destroy millions of jobs? Will AI overtake humans’ intelligence? Or will the technology revolution stall in the face of social constraints? In this book, Marco Magnani responds to the concerns triggered by the rise of machines with an in-depth analysis of how technology is changing society, business, and labor, identifying threats and opportunities. Magnani also puts forward some important policy proposals aimed at ensuring that everyone can benefit from the digital economy.”

—Martin Reeves, Senior Partner of Boston Consulting Group in San Francisco and Chairman of the BCG Henderson Institute

“Magnani’s book deals with one of the most important and serious challenges facing the world today – how to harness the new technologies to work for everyone by increasing labor productivity and incomes, even of low-skilled workers, in both advanced and emerging economies. The challenge is great because the new technologies are truly revolutionary and are being adopted very rapidly with the pandemic. This is a splendid book for everyone interested in economic growth and income inequalities.”

—Dominick Salvatore, Fordham University, New York

“We are witnessing an acceleration of the digital transformation that will now be coupled with the green transition. This book by Marco Magnani provides an excellent roadbook on how to grasp the many opportunities these changes bring about, but also address the challenges and risk of growing divides.”

—Stefano Scarpetta, Director, Employment, Labour and Social Affairs, OECD

“ESG issues are of crucial importance for investors and business people today. Marco Magnani’s book has the merit of focusing on the social sustainability of the technological revolution. I believe this to be the decisive factor: there can be no economic growth without social growth, meaning quality employment, new skills, and integration of people and technology. We need to put to work all our best qualities of human beings: creativity, empathy and vision will be our key resources. And the technological revolution will be our ally.”

—Marco Sesana, Country Manager & CEO of Generali Italia and Global Business Lines and member of the Advisory Board of the International Center of Finance at Yale School of Management

“Technology and what it means for how we live is as fundamental as any question facing humanity. Marco Magnani's challenging book is a terrifically thoughtful exposition of the issues. Agree or disagree, Magnani's arguments are worth the consideration of anyone who wants to be thoughtful on this vitally important topic.”

—Larry Summers, Charles W. Eliot Professor and President Emeritus at Harvard. Secretary of the Treasury for President Clinton and Director of the National Economic Council for President Obama

“In this fascinating book, Marco Magnani clearly grasps the strong connection between environmental and social sustainability and explains the importance of pursuing growth in justice, which lies at the heart of the Economy of Francis.”

—Cardinal Matteo Maria Zuppi, Archbishop of Bologna

Marco Magnani teaches International Economics and Monetary & Financial Economics at LUISS University in Rome and lectures on Dynamics of Innovation at Alta Scuola Politecnica of Polytechnics of Turin and Milan. He has been visiting fellow at the School of Advanced International Studies of Johns Hopkins University and senior research fellow at the Harvard Kennedy School.