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Antonio Fallico: Russia is ready for the current difficult solving the problem in a positive way. It is necessary
economic trials to develop a new, more equitable social platform.
Otherwise, the world will go to a social disaster.

What kind of economic There is a point of view that the current coronacrisis,
condition will the countries face at least in its economic part, is a continuation of the
after the crisis, which threatens 2007-2008 crisis. Why?
Russia and the EAEU, the president Now many experts and analysts say that the world
of Conoscere Eurasia Association, after the pandemic will not be the same as before. Do you Antonio Fallico: The financial crisis that began
chairman of the Board of Directors agree with that? in the USA in 2007 and then spread to the whole world
of Intesa Bank Antonio Falliko told was not an ordinary business crisis, like previous
in an interview with RG. Antonio Fallico: The current pandemic has not
become the root cause of socio-economic problems. It cyclical failures over the past 30 years. It was a crisis
sharpened those that were viewed for a long time, adding of a model that stopped providing economic growth.
individual specific elements. A global economic downturn Until 2007, the world economy grew at 4% per year,
was expected, but a little later. This is not the first year we will not talk about the Chinese pace at all. Then
that we have seen contradictions between globalist and the indicators fell, but in fact, in the following years, a 10% of the population in 1995
protectionist tendencies, we see a constant increase period of economic stagnation began, which was flooded owned 18% and 49% of global
in non-economic, non-market forms of competition, with cheap money to avoid the worst. Before the start income, respectively. In 2016,
including sanctions, tariff restrictions and so on. Today we of the current problems, Germany was promised at the the top 1% and top 10%
experience exactly the same thing, only in a strengthened end of 2020 a little more than 1% growth, Italy - zero already owned 24% and 62%
form. As part of the fight against the spread of coronavirus, with tenths of a percent. Such indicators, one can say, of global income, respectively.
borders are being closed everywhere, economic egoism are within the statistical error. Both economic growth, And as of mid-2019, the
is appearing, many industries and types of economic and its subsequent slowdown, and the growth of social wealth of the top 1% more
activity are stopping, people are losing jobs and inequality were caused by a bias in development towards than doubled the wealth of
incomes, and some trends are becoming financial speculation. Such a process began back in the 6.9 billion people on Earth! At
disastrous. Experts more than usual compete 1980s, but by the zero years of this century it had finally the same time, directly labor
in describing scary scenarios. taken shape. In 2007, the assets of financial institutions brings less and less income,
were one and a half times higher than global GDP. In but the role of financial rent

How will this affect the social sphere? industrialized countries over the years, financial sector is growing. Such a model
revenues have grown faster than others. At the same of economic development

Antonio Fallico: The social sphere does not remain aloof from these tectonic shifts. It is time, social inequality began to increase sharply. leads to the fact that the
appropriate to recall the unjustly forgotten idea of Marx on the alienation of labor (alienazione growth of labor productivity
del lavoro). He believed that in the context of the growing division of labor, man becomes a How do you see the social picture of the future? and income lose their link to
part, an appendage of production, and singled out 4 types of alienation: from the labor process, Can social inequality decline or increase? collective social and economic
from the product of labor, from his own essence and people from each other. Labor becomes development. We are moving
Antonio Fallico: The growth of social inequality
a commodity; it is sold for wages. The has become an integral part of the current stage of away from the money-
manufactured product is separated from the economic development. It is caused not by stagnation, commodity-money scheme,
person who participated in its manufacture. but by the prevailing model of the economy, social we are moving to the money-
The previous neoliberal system, relations, income distribution. Inequality has grown money scheme. The ability
which dominated before the crisis of 2007- everywhere. On a planetary scale, the top 1% and top to generate collective wealth
2008, for many years even more profoundly disappears, a gap occurs
changed the content of labor. There was between capitalist production
an impairment, structural deterioration. and democracy. One should
Remember the fashionable English words: stop giving rise to ever greater
lean production, outsourcing, just in time, economic inequality, social breaks
new management ... This is also about leading to radicalism and loss of
the alienation of labor. As a result, social orientation. The world needs an
inequality itself has not only intensified, but alternative model of economic
also deepened - between different regions of development. The economy
the world, between individual states, within should be put at the service
individual states, and even within individual of the person who would be at
social groups. This phenomenon is becoming the center of the production
increasingly threatening. system. At the same time,
We are faced with an alternative: either a modern economy must be
alienation will intensify, or we must lead the circular, stable and solidary. It
matter to overcoming this contradiction. is difficult, but possible.
The current crisis creates the conditions for Digitalization, augmented
reality, the Internet of things

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