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Giornale degli studenti dell’Università Bocconi
www.traileoni.it
Pubblicazione bimestrale · Anno 22 · Numero 84· Settembre 2018 · Iniziativa finanziata con i contributi dell’Università Bocconi
KICK-OFF
n. 84 Kick-off 2
Google, Apple, Facebook and Amazon: Lorenzo Sala
What’s making the GAFA so unstoppable? 3 lorenzo.sala@studbocconi.it
EUROPEAN LAW ON COPYRIGHT, LET’S TALK
ABOUT IT WITH FRANCESCO CILURZO 4 Tra i Leoni torna con un team fortemente rinnovato. Cercheremo di intrattenervi e
coinvolgervi in tanti modi diversi e con mezzi differenti, dal nostro cartaceo alle pagine
Facebook e Instagram. Vi racconteremo (ancor più di quanto fatto in passato) la vita
BRACE YOURSELVES, THE STORM IS CO- 6 universitaria, con interviste a personaggi di spicco e rubriche che parleranno anche di
MING! noi studenti: chi siamo, da dove veniamo e quali sono i nostri sogni. Perché in fondo il
Con la CO2 più cara aumentano i giornalismo cos’è se non raccontare il mondo che ci circonda da tanti diversi punti di
costi per chi inquina 7 vista? Ci piacerebbe nel nostro piccolo contribuire a sviluppare un dibattito sui temi che
più riguardano noi giovani: il futuro dell’Europa, con le elezioni tra meno di un anno, lo
sviluppo tecnologico con i cambiamenti sociali e ambientali ad esso connessi, giusto
HAWKS&DOVES: 8
per citare alcuni temi.
the future and the past In questo numero iniziamo parlandovi dei giganti high tech americani, che hanno ac-
quisito un enorme potere di mercato, e della nuova normativa europea sui copyright.
Welfare State e felicità: 10 Sfogliando le pagine troverete molto altro: dal welfare state all’experience economy,
esiste una connessione? oltre che argomenti meno “impegnati” come il brand Ferragnez o le storie dei miliardari
italiani.
Infine, permettetemi un’ultima considerazione. Viviamo tempi in cui molti dei proble-
Avere tutto, ma non 11 mi che la società si trova di fronte si fanno sempre più complessi e richiedono quindi
possedere niente, benvenuti risposte non semplicistiche. Leggendo l’intervista che qualche mese fa facemmo (sì,
nella experience economy anche noi milanesi a volte usiamo il passato remoto) al fondatore di Tra i Leoni Matteo
Patrick Bateman, Erede, era emerso come il giornale degli studenti fosse uno spunto di riflessione e fonte
a study of post-modernism guided by its 12 di dibattito sulla politica e la società. L’auspicio è di poter offrire anche oggi, nel nostro
anti-hero and what he’s trying to tell us piccolo, spunti di riflessione non dogmatici né semplicistici, sulle sfide che la nostra
about mainstream media
generazione si trova di fronte. Ai nostri lettori il compito di criticarci, se necessario, e di
contribuire al sano dibattito di cui un’università ha sempre bisogno.
Crazy rich italians 14 Buona lettura da tutta la redazione!
vicarius: bocconiani rivoluzionano la pro- 16 Lorenzo Sala
fessione forense
#theFERRAGNEZ: 18
poesia e numeri
di una moderna favola social
Inguaribile indvidualità 19
02 · traileoni
Google, Apple, Facebook and Amazon:
What’s making the GAFA so unstoppable?
lenses, Google appears as an ever-flowing used to foster the excitement of investors
Elena Corsiglia fountain of knowledge, comparable to and make the company forgiven for all of
elena.corsiglia@studbocconi.it a religious entity, which appeals to our its mistakes, at the detriment of the rest of
need for answers whatever question we the industry.
Unlike wishful thinking, size does matter.
may ask. Amazon, instead, leverages on Apparently, the financial markets don’t
Nowhere is this more evident than in the
the most ancient gut feeling and hunter- seem to be the only battlefield where the
modern temple of the four behemoths
gatherer impulses to consume, in the Tech Giants are allowed to play exceptional
that dominate the global marketplace:
quickest possible way, whatever we might rules. Apple denies federal investigation
Google, Apple, Facebook and Amazon. The
have appetite for. Be it food, movies or a access to terrorist information, all while
GAFA or the Four Horsemen, as nicknamed
new pair of shoes. When it comes to love, being encouraged by its wide fan base
by Scott Galloway in his book ‘The Four’,
Facebook is turning itself into a provider despite apparent oppositions to the legal
are not showing any willingness to slow
of connections, once only found outside system. The social network that connects
down the relentless expansion that led
of the virtual life. When we are online, millions of users every day is the same that
them to establish a dominant empire at
what we get is a sense of belonging scrutinizes our pictures, food tastes, movies
a pace never seen before in history. For
to a community that grants us all the preferences and political orientation, and
instance, from 2013 to 2017 their joined
relationships, affection, and appreciation sells all that information to Fortune 500
market capitalization has grown to the size
we need. Apple, on the other hand, has companies. Google’s 90% market share in
of the GDP of Russia and it’s now close to
much more to do with a luxury brand the ad industry is still not enough to prevent
surpass the GDP of India. No less striking
than with a tech company. As a Freudian it from escaping antitrust procedures or tax
are the American figures for Amazon Prime
analysis would suggest: what has made the regulation. We all know this firms are not
subscribers (52%), which now exceed the
company successful is its ability to exploit benevolent entities; nevertheless, we keep
share of citizens who go to Church (51%)
people’s desire for sex appeal. Claiming sharing with them the most intimate side
and those that own a gun (44%). People
that superior quality fairly compensates of our private lives, letting our guard down
might worship or hate the Big Four, in
for a $300 premium of an iPhone purchase and forgiving them for stealing personal
some cases even try to boycott them
over a Samsung is only a pretext to hide data and intellectual property.
from their lives, but the way these giants
the fact that the product’s real value is on In the foreseeable future, the Four
have permeated our society undoubtedly
the status symbol it embodies, which will Horsemen will probably continue to
makes the issue of understanding them
have the same effect on the opposite sex dominate uncontested. All the possible
of primary concern for whoever wishes to
of owning a Prada bag. emerging competitors are still far away
grasp the dynamics of today’s business.
While taking over all the minor businesses from reaching such established market
As Galloway accurately illustrates in the
that surround them, the Four are also power. However, what’s fair to believe is
book, one of the major merits of The
creating new development rules. Amazon that this scenario might change because
Four resides in the way they exploited
is a story whose success would not have of an overlapping of competence areas.
new technology not only to head in the
been possible without the ocean of capital History demonstrates that once conquered
direction of costumer centered strategies,
that kept flowing to its coffin from the a new territory, it doesn’t take long before
but to target the most instinctive human
stock market, although the company only starting to target your neighbor’s one. And
desires and satisfy them with a new
became profitable in 2002. Persistent and gods don’t like sharing power.
friction-free approach. Through Galloway’s
effective storytelling is what Jeff Bezos
traileoni ·
03
European law on copyright, let’s talk about
it with Francesco Curzio
Flavio De Pascali for accepting my invitation. simply abandon the market, depriving
flavio.depascali@studbocconi.it Thanks to you. consumers of a news source, since
Let’s proceed in order, then. First, this is certainly not its core business
On 12 September, in a plenary session let’s start with Article 11, namely and will reason in terms of cost-
held in Strasbourg, the European that - so to speak - it affects directly opportunity. It is equally obvious that
Parliament approved - with 438 services such as Google News. this rule will not affect the lives of us
votes in favor, 226 against and 39 Personally I think there is difficulty private citizens but risked, before it
abstentions - the controversial on the part of traditional publishing was changed, even to close Wikipedia
directive to update the legislation on in adapting to new business models and undermine its foundations. The
copyright in the European Union. The and this has led - in Italy and beyond problem of Article 11, therefore, is not
discussion on the reform has been - to a lobbying campaign to discredit so much in its intent (that of wishing
vigorous and has seen the traditional the role of the internet. What is your to safeguard intellectual property) but
publishing industry, the music point of view on this? the fact that it is practically a facade.
industry and recording industry First of all, we must be honest and Behind, there is the destruction of
stand on one side and broad layers of admit that the internet is partly online sharing. This is the basis of the
the internet on the other. The ball is anarchist. I have particular interest in internet.
now passed to the parliaments of the this sector because on the web the Let’s focus on the future and the
individual countries which will have law is likely to become aleatory, think role of Reddit and the many similar
to decide whether to adopt it or to of the scams that take place daily message boards available on the
put it aside. In short, the game is still online and that many times remain internet.
in play. unpunished for the inability to reach In Europe there is the risk that Reddit,
Since it is a very important legislative a responsible prosecutable entity. 4chan, and all the anonymous
step, in order to comment and better So it is true that there are matters boards that are the beating heart of
understand the directive - and on which it is correct to legislate to the web are obscured. This would
specifically the articles 11 and 13 that try to limit these phenomena and cause incalculable damage since
caused a stir - we contacted Francesco regulate them properly. As for the these virtual places are among the
Cilurzo, aka Cydonia, content creator news, however, the internet gives us oldest engines of the Internet. In my
and manager of the YouTube channel the enormous opportunity to have opinion it would undermine the idea
Pokémon Millennium which, with several journals just a click away, to of sharing in a network of people who
over 160,000 members, gathers hear endless bells of different political exchange knowledge and news. The
around itself one of the most vibrant parties and with different opinions. free internet would be penalized, the
and influential videogame-themed Take the unfortunate issue of the one in which so many of us young
communities in the Italian scene. Morandi Bridge, for example. Thanks people are formed, learn, expand
We asked Francesco a direct opinion to the internet we had access to the their interests and their knowledge. A
from his privileged point of view of a great work of British and American fee on links would have represented
person who works on a daily basis in newspapers (the NY Times published not a copyright protection but only a
the web, is a soon-to-be law graduate a very detailed report about the case). protection of a slice of the market that
and has particular interest for all that, Right now, however, traditional media has difficulty coping with the internet
in the legal world, revolves around have understood that this can give and for this reason it only tries to tarp
the professional sector in which he them a loss in economic terms. But the its wings rather than adapt.
operates. point is that Google News - although Article 13, on the other hand, is more
So Francesco, first of all, thank you the link tax has been shelved - can
04 · traileoni
about your work as a content creator. that the system is extremely flawed; those who work with this content. All
In fact, we are talking about Content the second, perhaps even more the others will instead find themselves
ID, a technology that the law would serious, is that this system is very in front of a monopolistic wall. This
like to be mandatory and that today expensive. Such a dynamic would kills the internet, this undermines the
is already in use on YouTube. stop any attempt at initiative in the creativity of users that is the basis of
The content ID - symbol stands for sector from those who do not already the web. Then, if we want to make a
content identification - is artificial have a significant amount of capital. purely economic discussion, a person
intelligence that controls the billions Also someone who has the idea of who wanted to develop a system that
of videos published on the platform, the century, the one that solves the competes with existing incentives
it was introduced due to the inability problems of content Creators, in would want to stay in Europe? It would
to use human employees. All videos Europe today is in danger of not being be enough to emigrate to America to
are scanned daily in an attempt to able to do anything in the face of such get around this.
detect any copyright infringement. a barrier to entry. It is evident that What future is there, then, for the
When infractions are found, one the legislator, in this case, perhaps web?
proceeds in the best of cases with denotes little knowledge of the The Internet has always been
demonetization, but many times internet. Look, I’ll give you an example. refractory to use modus operandi
even with banning. The intent is We often work in direct partnership that does not suit them. There will
clearly noble since Facebook, which with Nintendo and, despite this, be, I am sure, above all problems of
does not adopt such concerns, lives the AI is so out of control that the ratification in the various European
of freeboting and purposely chooses company itself cannot do anything if countries and secondly of direct
not to take a stance on this scourge my video, that has a cinematic of The application. I am sure that the web
since it increases the number of Legend of Zelda Breath of the Wild, will resist as it has always done and
views. The problem, therefore, is that is demonetized despite it itself holds I am sure that the instances will find
the technology does not work. For the rights of the work in question. representation in more and more
example, cats’ meows were reported Wanting to extend these problems parties of the continent in addition
by intelligence as Universal’s songs. - which we already have on YouTube to those who already care about the
This obviously makes you laugh but is - to every platform is truly incredible. battle. However, it cannot completely
emblematic of a deeper malfunction. Then it is clear, from the point of view exclude the hypothesis that the
Another example? Some time ago of machine learning, surely there will network may be affected and, why
- out of the mere copyright theme be great progresses in the future, but not, even die slowly. Moreover, if
- there was the case of Logan Paul today it is not possible to become the the creators of content no longer
who, as you know, published a legal method for monitoring online had the facilities and advantages in
video, recorded in a Japanese forest, content. doing their job they could decide to
witnessing the suicide of a man; well, Among other things, the great giants abandon it by dedicating themselves
this video has not been blocked by the of the sector already today act in a to something else. Obviously this is
tool. Indeed, since everyone talked semi-monopoly ... not what I hope for, because over
about it was even spammed in the Exactly. This choice means giving the the years I have seen a myriad of
videos on the trend of the platform. coup de grace. Who already has a interesting projects, like for example
Article 13 would like to compulsorily profitable content uploading system Breaking Italy which, not surprisingly,
extend the use of content ID to all continues to work and to have its share is already in extreme difficulty and
upload platforms. This presents two of the market by putting, at most, the had to rely on Patreon. The damage, of end u
problems: the first, as already seen, is inconvenience on the shoulders of really, falls back only on the shoulders
traileoni · 05
Brace yourselves,
the storm is coming
Hurricane Florence leaves Catastrophe bonds investors on the hook
characteristics of a still quite unknown fi- sets a sum to be paid once losses exceed a
Beatrice Ballestrero
beatrice.ballestrero@studboc- nancial instrument as Catastrophe bonds. given amount, the Modeled Loss fixes the
coni.it
Catastrophe bonds represent for investors threshold using software simulating the
As hurricane Florence born down on the a bet on the non-occurrence of a natural specific event on which the bond is created.
US East Coast, the inhabitants were not the disaster, whose consequences are as deva- If the accident takes place, actual losses are
only one preparing to suffer from the storm. stating as uncertain. This is reflected in an compared to the simulated ones to deter-
There is another group of people that has average yields 9.4% above treasuries and a mine payment. Index to industry loss bonds
been closely watching Florence as it made rating of BB or lower. Cat bonds represent a are triggered once the total loss born by the
land in the Carolinas and Virginia: catastro- peculiar form of investments attractive for whole insurance industry crosses a certain
phe bonds investors. institutions like Hedge Funds and Pension line; while the activation of Parametric se-
Catastrophe bonds. These instruments are Funds, which seek high returns and hold curities depends on the natural catastrophe
used by reinsurance companies, usually portfolios, diversified enough to allow them meeting the criteria laid down in the struc-
to transfer the risk associated with a natu- to make a gamble. Catastrophe bonds play ture of the bond itself. A bond on a hurri-
ral disaster. The bond pays a coupon to be a fundamental role in allowing insurance cane will be triggered, for example, if actual
reduced to 0 should the underlying cata- companies to insure against the catastro- wind speed corresponds to that envisaged.
strophic event verify determining the loss phic events they commit to cover without Introduced in the aftermath of the 1992
for investors of the capital invested and the succumbing under the weight of losses that Hurricane Andrew, which devastated Flori-
interest expected. The catastrophe bonds events such as natural disasters can produ- da, Catastrophe Bonds have recently been
and insurance-linked security is a $36.6 bil- ce. Issuers of Catastrophe bonds are there- subject to increasing popularity. The roots
lion market, and $2.1billion of instruments fore, insurance companies and also supra- lie on one hand on the potential high return
are linked to US storms and hurricanes, ac- national institution like the International they provide, particularly appealing in the
cording to data provider Artemis. So far in Bank for Reconstruction and Development current low interest rates environment, and
2018, $11.6 billion of catastrophe bonds (IBRD). The structuring agents are almost on the other hand on their lack of correla-
have been issued, close to the 2017 record only reinsurance groups, and the institu- tion with market trends. In fact, Cat bonds
year of $12.6 billion. Usually the seconda- tions active in trading these securities are represent an investment resilient to up/
ry market for insurance-linked securities is dealer brokers and a few investment banks, downturns of the economic cycle as they
quite slow, but trading activity picked up among which BNP Paribas, Deutsche Bank are effectively exposed solely to the un-
while the hurricane was moving closer the and Swiss Re Capital Markets. derlying natural disaster. Which of course
US coast, as bond holders tried to hedge How to bet on nature. Cat bonds are lar- doesn’t make them any less risky. While ci-
their position and reduce their exposure, gely non-liquid instruments traded mainly tizens in the US were waiting out the storm
since trading at a loss is stibetter than being OTC through private placements and highly in their houses, portfolio managers were
completely wiped out. customized. However, it is possible to iden- cracking through the numbers frantically
A leap of faith. Hurricane Florence pro- tify at least four types of securities, which trying to understand how every change in
vides the excuse to dig deeper into the differ in the calculation of the threshold Hurricane’s Florence wind speed or direc-
triggering the bond. The Indemnity model tion would affect their positions.
06 · traileoniCon la CO2 più cara aumentano i costi per
chi inquina
te della Commissione Europea della Market re forti incentivi alla transizione verso un’e-
Lorenzo Sala Stability Reserve, un meccanismo che entre- conomia a minori emissioni di gas serra. Si
l.sala@studbocconi.it
rà in vigore dal 2019 e permetterà, quando stima che nella maggior parte dei paesi eu-
Una piccola rivoluzione sta avvenendo nel attivato, di ridurre l’eccedenza di permessi ropei è necessario un carbon price intorno ai
mercato europeo della CO2, noto come Eu- sul mercato rendendo l’offerta più flessibile. €40/tonnellata di CO2 per favorire lo switch
ropean Union Emission Trading System (EU Finora la Commissione aveva adottato come dal carbone al gas (che emette metà della
ETS). Per chi non ne fosse a conoscenza, l’EU unico espediente il Backloading, ovvero il CO2 a parità di energia prodotta) nella gene-
ETS è un mercato dei diritti ad emettere CO2 rinvio della messa all’asta di parte delle quo- razione di energia elettrica. In attesa quindi
che riguarda le 12 mila imprese europee a te di emissione. Tuttavia, questo strumento che un’economia 100% rinnovabile diventi
più alte emissioni di gas serra. Lo schema si era rivelato poco efficace perché sottraen- fattibile grazie allo sviluppo dei meccanismi
adottato è il cap and trade. L’Unione Euro- do permessi di emissione dal mercato negli di storage su vasta scala, questo è il primo
pea stabilisce un tetto massimo di permessi anni 2014, 2015 e 2016 con la promessa di tassello verso la decarbonizzazione, come
in circolazione, decrescente nel tempo. Tali reintrodurli dal 2019 non si era lanciato un anche sottolineato dalla Strategia Energetica
permessi sono poi allocati alle imprese sog- segnale di lungo periodo tale da influenza- Nazionale che prevede l’abbandono del car-
gette a tale regolazione attraverso aste simili re il prezzo. Solo con l’entrata in vigore della bone entro il 2025.
a quelle dei titoli di stato (tranne nei casi di Market Stability Reserve l’eccedenza di per- Un esempio dell’efficacia che il segnale di
esenzione con allocazione gratuita). Infine, il messi che deprime il prezzo della CO2 sem- prezzo lanciato dal carbon price può avere
mercato stabilisce il prezzo permettendo alle bra poter essere efficacemente ridotta. E gli è dato dal Regno Unito, il quale dal 2013 ha
imprese che emettono più di quanto preven- operatori del mercato, con l’aspettativa che introdotto su scala nazionale un prezzo mi-
tivato di acquistare permessi dalle imprese in un futuro prossimo il prezzo sarà più alto, nimo ai permessi di emissione sul mercato.
più virtuose, incentivando così la riduzione stanno già comprando più permessi per fare Ebbene, questa politica, seppur diversa dalla
delle emissioni. hedging. L’ETS infatti permette che le quote Market Stability Reserve perché va ad agire
Dalla fine del 2017 ad oggi il prezzo dei per- di CO2 possano essere acquistate e poi “te- direttamente sul prezzo e non sulla quantità
messi di emissione è aumentato da circa nute in banca” per compensare emissioni in dei permessi in circolazione, ha dato ottimi
€5/tonnellata di CO2 fino a €20/tonnellata anni futuri. Così facendo, gli agenti del mer- risultati. Le emissioni di CO2 nel periodo
di CO2, valore che non toccava dal 2008. A cato stanno probabilmente contribuendo al 2013-2017 si sono ridotte del 19% grazie so-
partire dal 2008 infatti, a causa della crisi eco- verificarsi della loro previsione di un prezzo prattutto a un calo del 75% nell’uso del car-
nomica, l’offerta di permessi era stata di gran al rialzo. bone. L’auspicio è che il maggior costo della
lunga superiore alla domanda, generando Questo recente trend del mercato europeo CO2 porti anche il resto dell’Unione Europea,
un surplus che si è accumulato deprimendo della CO2, se confermato nei prossimi mesi, dove nel 2017 le emissioni sono tornate a
il prezzo fino al risibile valore di €3/tonnel- potrà avere un forte impatto sulla nostra crescere, lungo il sentiero virtuoso tracciato
lata di CO2 toccato nel 2013. La principale economia. L’EU ETS è il più grande mercato con l’Accordo di Parigi nel 2015.
ragione per cui secondo gli addetti ai lavori al mondo della CO2 e copre circa il 40% delle
il prezzo della CO2 in Europa è tornato a cre- emissioni di gas serra dei paesi europei. Un
scere sensibilmente è l’approvazione da par- prezzo della CO2 rinvigorito potrebbe crea-
traileoni · 07HAWKS&DOVES:
The future and the past
Andrea Pradelli operations, marginal lending facility a “basic” interest, calculated on risk
andrea.pradelli@gmail.com and deposit facility will remain free assets such as German bonds,
unchanged, respectively at 0%, and a risk premium. However, the
0,25% and -0,4%, until the summer ECB can only influence the former,
Two main topics dominated the
of 2019. Secondly, he confirmed the as every accommodation for the
economic debate in the last weeks: the
acceleration of Quantitative Easing latter will break the independence
ECB’s decision about the possible end
tapering, that is, the smoothing of commitment. Countries like Italy must
of QE and the recurrence of 10 years
the period of exceptionally expansive therefore be even more focused on
since Lehman Brother’s bankruptcy.
monetary policy via a progressive fiscal discipline, remaining consistent
Is the ECB’s monetary policy going to
reduction in net asset purchases. with European requirements. Space
change dramatically? What have we
Namely, those will continue at the for bargaining will still exist, but the
learnt from the big crisis? Is the world
current monthly pace of €30 billion government will have a stronger
stronger or weaker than in 2008? To
until the end of September, to be position if it proves able to handle
solve our curiosities, we discussed
reduced to €15 billion until the end the ratio deficit/GDP. In the long run,
these issues with Professor Donato
of December 2018 and then, barring central banks will face the problem of
Masciandaro.
surprises in medium-term inflation the normalization of balance sheets,
outlook, purchases will end. However, namely selling some of the assets
That of September 13th was probably
this is not really the end of QE, they bought with unconventional
the most awaited ECB press release
because the Governing Council will market operations as the Quantitative
of Mario Draghi’s governorship.
continue to reinvest the payments Easing. Such as operation could
Which decisions were taken? Were
from maturing securities for a long trigger a restrictive monetary policy,
there relevant declarations by the
period of time, to guarantee liquidity but, again, it is not a today’s problem.
Governor?
and an ample degree of monetary
At first, Mario Draghi made a
accommodation. Did Mario Draghi make references
pedagogic recall of the main goals
to high public debt countries such as
of the European Central Bank, which
What will be the consequences of QE Italy or Greece?
are maintaining the value of the euro
tapering? Answering a question from the public,
stable and targeting an inflation rate
As I highlighted before, tapering he underlined that the ECB will not
of 2% (last measurements report it
will be a gradual process and the change its policy to condition on
at 1,7%). Moreover, he underlined
same will hold for its consequences. the peculiar situation of Italy, as this
that although the overall Eurozone’s
Technically, recalling that in the ECB’s will again break the independence
macroeconomic trend is currently
balance sheet bonds are activities and commitment. He recalled that
on a good path, protectionist
money is a liability, ceteris paribus we monetary stability is the sole goal he
policies, a high volatility in financial
expect in a longer run an increase needs to follow, while competencies
markets and the economic troubles
in interest rates. However, a sudden on fiscal accommodation belong
experienced by emerging countries
change is unlikely, as monetary policy to the member states. However,
- such as Argentina and Turkey - all
will remain expansionary and this will he implicitly advised the Italian
constitute sources of downside risk.
strongly smooth the rise in interest government to disentangle facts
That is, negative spill-overs on output
rates. To forecast the possible effects and words: European institutions
growth and inflation dynamics may
for countries with high public debt, expect facts from the new Italian
happen. Draghi then started outlining
though, we must remember that the government, but for the moment
the ECB’s overall policy strategy.
interest rates have two components: only words are seen. In fact, given
Firstly, interest rates on refinancing
08 · traileonithe strong role of expectations in its level of independence, the lower be remembered? Will it remain in
the global market, words are also is the probability of a crisis. How did history books as a systemic and
important and can have relevant the three risk factors change after unforgettable crisis as the Great
consequences. Declarations against 2008? Well, today’s financial system Depression in 1929 or will it be
European regulation can cause is even more complex, big and considered a fleeting bubble?
spreads to increase, taking us closer interconnected than ten years ago. I definitely think that it can be put
to 2011. As for Greece, he didn’t refer That is unfortunately physiological. along with the 1929 episode. Both
to it, but the Greek issue is clearly a In fact, all agents tend to like leverage were triggered by a financial shock
case study for the contrast between because they only focus on its gains, after a period of rising stock prices
words (we all remember the strong which undeniably exist in terms and falling interest rates. Both had
anti-austerity rhetoric at each new of increased consumption and a destructive impact on worldwide
bailout memorandum) and facts, investment, and ignore its possible economy. Differences arise in the
which were, luckily, totally different. risks, which we can call “financial response. While after 1929 we had
pollution”: it is a clear example of restrictive fiscal and monetary
In these day we have another negative externalities. Politicians, policies, after 2008 monetary policy
important recurrence: ten years ago, as we said, can’t help being short- was undoubtedly very expansionary,
on September 15th, the Lehman sighted. Central banks are on but also fiscal policy, despite the
Brothers’ bankruptcy turned the average independent agencies for great controversy on austerity, has
whole world into panic. What did we their monetary policy powers, but been relatively expansionary. Many
learn from the big financial crisis? Is in the last years they have often countries have notably increased
the world stronger in 2018? been involved in financial regulation their debt, while cuts in public
The main lesson that we got was to responsibilities. However, focusing finances have been limited to some
understand how important it is to on more than one goal makes them countries and probably looser than
prevent and, if necessary, manage vulnerable to capture by politicians we think. But on this topic hawks and
a balance-sheet (bubbly) recession. and regulated agencies. It is a sort of doves will never stop fighting.
Those types of crises are triggered “winner curse”: more power means
by a financial shock, in the specific more risks. The crisis could have been
case, the huge quantity of “toxic” an opportunity to rethink the financial
mortgage-backed securities in system, but I think that we missed
the banks’ assets. It is the most the occasion. Prudential regulation,
dangerous type of crisis, whose requiring financial firms to control
effects are devastating for GDP and risk by adequate capital provision,
employment. The main risk factors was improved, but we didn’t manage
for financial crisis are three: a big, to reintroduce tougher structural
complex and interconnected financial regulation, aimed at limiting the range
system, short-sighted politicians of activities that a bank can carry on.
and myopic regulators. As everyone Moreover, we have leaders like Mr
knows, politicians are almost always Trump claiming that regulation is too
focused on next elections, and even harsh and inefficient and pushing for
in the most virtuous cases they can’t a looser one. That could be a source
be far-sighted enough. A veto player of danger.
is needed, and this is usually an
independent regulator: the higher To conclude, how will the 2008 Crisis
traileoni ·
09Welfare State e felicità:
esiste una connessione?
indigenti che non erano in grado di dei quali lui potrà beneficiare è molto più
Gaia Vittoria Romeri provvedere a loro stesse. soddisfatto di un soggetto al quale viene
gaiaromeri97@gmail.com Seguono poi altre due fasi: la prima, applicato un prelievo fiscale più basso ma
durante la prima Rivoluzione Industriale, non vede direttamente un riscontro delle
Stando alle statistiche, che cosa rende la
con embrionali forme di assicurazioni somme che trasferisce allo Stato.
qualità di vita di un Paese migliore rispetto
sociali pensate solo per i lavoratori. La Ciò è testimoniato dall’ultimo “World
ad un altro? Tra i tanti fattori in gioco, un
seconda risale invece al secondo dopo Happiness Report” pubblicato dalle
ruolo fondamentale è occupato dal “welfare
guerra, quando venne stilato il “Rapporto Nazioni Unite, che ogni anno analizza
state” o “stato sociale”, una forma di Stato
Beveridge” (dall’illustre economista William il benessere di 156 Paesi nel mondo in
basata sul perseguimento dell’uguaglianza
Beveridge) che definì i concetti base di relazione a varie prospettive tra cui reddito,
sostanziale tramite l’erogazione universale
sanità pubblica e pensione sociale per i salute, aspettative di vita, stato sociale.
di prestazioni fondamentali da parte del
cittadini. Fu un grande traguardo raggiunto Al primo posto troviamo la Finlandia; al
potere sovrano.
dalle lotte sociali del primo ‘900. secondo posto si classifica la Norvegia
Se il principio di eguaglianza formale vede
Oggi, a livello europeo e mondiale si seguita dalla Danimarca.
tutti i cittadini teoricamente eguali davanti
contraddistinguono i Paesi nordici. Questi E in Italia? Qui la situazione è più
alla legge, il principio di eguaglianza
ultimi basano la loro politica sull’attuazione complicata; basti notare che gran parte
sostanziale garantisce la piena effettività
del modello svedese, che si pone il fine di della spesa sociale viene assorbita dal
del primo ed impone dunque allo Stato il
proteggere i propri cittadini “dalla culla alla sistema pensionistico, tanto che alcune
compito di rimuovere gli ostacoli di ordine
tomba”. ricerche del 2017 evidenziano come ben
economico e sociale per realizzarlo.
I caratteri principali di questo apparato il 77,2% della spesa sociale italiana sia
Il welfare state è quindi lo strumento
riguardano in primis l’attuazione di destinato a soggetti di età superiore i 65
attraverso il quale lo Stato, con una serie
programmi universalistici di welfare anni.
di politiche ad hoc, mira a ridurre il gap
nazionali, non lasciando però in secondo Sembrerebbe che l’efficacia del welfare
sociale tra i suoi cittadini e a garantire
piano aspetti come la presenza di sindacati system di un certo Stato dipenda in parte
benessere e assistenza intervenendo sui
forti, livelli esigui di corruzione, alta facilità dalla composizione della sua popolazione
redditi generati delle forze del mercato
di impresa, politica fiscale egualitaria, (e in Europa a differenza dell’Italia ci
stesso.
legislazione del lavoro flessibile e politica sono Stati dove la popolazione giovane
Un Paese basato su tale approccio offre ai
attiva con riferimento al mercato del supera ancora di molto quella anziana). La
propri cittadini servizi tra i quali è possibile
lavoro e alla famiglia. Un impianto statale tipologia di welfare non può però essere
annoverare l’assistenza sanitaria, la
di questo tipo necessita però di ingenti limitata soltanto alla percentuale di giovani
previdenza sociale e la pubblica istruzione,
capitali derivanti dal prelievo fiscale, che o di anziani numericamente intesa, ma deve
la concessione di benefici fiscali e la
nei paesi del Nord Europa raggiunge livelli essere fronteggiata attraverso complesse
regolamentazione di determinati aspetti
molto elevati. politiche di Stato. Certo è tuttavia che se il
dell’attività economica.
In Svezia infatti la pressione fiscale effettiva nostro Paese arrivasse ad offrire pari servizi
Da un punto di vista storico i primi accenni
sfiora il 55%, in Danimarca ed in Finlandia a diverse fasce della popolazione, senza
allo Stato sociale sono riconducibili
si aggira attorno al 50%. Nonostante un così grande distacco tra prestazioni
all’Inghilterra del XVII secolo: era il lontano
ciò, alcuni studi dimostrano come il per anziani e giovani, il nostro sistema di
1601 quando vennero promulgate le
cittadino che veda rimpiegare i propri welfare sarebbe più efficiente e vicino ai
cosiddette leggi sui poveri (Poor Law),
soldi nell’erogazione di determinati servizi modelli nordici.
che prevedevano assistenza a famiglie
10 · traileoni
traileoniAvere tutto, ma non possedere niente,
benvenuti nella experience economy.
superando il nostro desiderio di acquistare al conto ideando sistemi e offerte immaginate
Kevin Wang fine di possedere. per la sharing ed experience economy. Per
kevin.wang@studbocconi.it Oggi la capacità di ottenere ciò che vogliamo questo già oggi a Milano si può prendere con
“You can’t have everything. Where would on-demand senza acquistarlo, possederlo DriveNow una MINI Cabrio per fare un giro
you put it?”, diceva il comico Steven Wright. e vederlo nei nostri armadi o cassetti sta in città a €109 al giorno o una BMW Serie 2
Ora, non mi ricordo esattamente il contesto contribuendo a creare un differente tipo per una gita fuori porta per €119 al giorno
di questa frase, ma la interpreterò a modo di società e a rafforzare un particolare senza dover spendere €24.000 o €29.000
mio, vedendola come uno spunto per modello di business, quello della experience per acquistare le auto. Senza tener conto del
descrivere quella che è la nostra società di economy. tempo che si risparmia per non dover star
oggi, una società basata sui consumi e che Un mondo di consumo in cui possiamo avere dietro a rate, tagliandi e assicurazione RCA.
attribuisce grande importanza agli acquisti e esperienze su tutto, senza possedere nulla di A pensarci bene, il concetto di avere senza
alla proprietà delle cose. tutto ciò: “Companies that are going to win possedere, del passaggio dal prodotto
Recentemente un professore a lezione ci in this new environment must become an all’esperienza è avvenuto in modo così
ha provocatoriamente posto una domanda experiential destination.” Howard Shultz, ex spontaneo e comodo che non ci siamo
pochi giorni prima dell’apertura del primo CEO Starbucks. quasi accorti che i libri, la musica e i nostri
Starbucks a Milano: “Secondo voi perché Inoltre la digital transformation ci sta film preferiti grazie a iTunes, Spotify e Netflix
ci saranno persone che faranno la fila per consentendo di avere tutto on-demand, sono già online e nel cloud e non sugli
andare a prendersi un caffè in un posto in vivendo l’esperienza di un prodotto senza scaffali di casa.
cui notoriamente il caffè non rispecchia doverlo acquistare per poi tenerlo. Ad oggi questo genere di società di consumo
gli alti standard che gli italiani hanno per Un esempio sono i film, mettiamo il caso che basato sull’accesso, sull’esperienza del
questa bevanda?” Le risposte sono state i singoli DVD non costino quanto un mese prodotto senza possederlo, sull’on-demand
svariate spaziando dal fattore Instagram al di Netflix ma €0,50 l’uno, scambieresti il tuo non è ancora così diffuso. Tuttavia, due
fattore Frappuccino, ma dopo esserci stato account Netflix che ti suggerisce i film, si segmenti molto importanti di consumatori,
(ovviamente per motivi di pura ricerca ricorda a che punto sei arrivato, ti fa lasciare quelli più abbienti e soprattutto quelli più
sociologica...) una risposta ora ce l’ho. una recensione per gli altri utenti, per una giovani stanno scegliendo di avere sempre
Lo Starbucks Reserve Roastery di Milano ventina di film su un disco? Esperienza batte di più possedendo sempre di meno: che
non è certo un posto per assumere la prodotto 3 a 0. Lo stesso vale per le auto. implicazioni avrà questa scelta? L’idea
quotidiana dose di caffeina. Tra gli aromi dei Perché dovremmo acquistarla se, come di ricchezza e risparmio cambierà? I vari
chicchi macinati, il profumo delle focacce avviene in alcuni paesi, posso avere un status symbol come una bella macchina
di Princi e il super instagrammabile sistema Uber o un Lyft con un paio di touch sul mio o una grande casa varranno ancora?
di torrefazione, da Starbucks si va per smartphone? Perché investire su un singolo Chiediamocelo la prossima volta che
vivere un’esperienza non per comprare un asset migliaia di euro, quando so che rimarrà passeremo con un Enjoy davanti ad un
prodotto. inattivo per quasi tutte le ore del giorno, e concessionario o staremo ascoltando Spotify
Questo esempio di Starbucks mostra un che periodicamente dovrò starle dietro con o leggendo un libro su Kindle seduti in piazza
aspetto molto interessante della nostra manutenzione, ricambi e che non lo potrò Duomo davanti allo store della Feltrinelli. E
evoluzione come consumatori: il desiderio cambiare per almeno un paio d’anni? Le case rispondendo alla provocazione di Steven
di vivere esperienze sta raggiungendo e automobilistiche se ne stanno rendendo Wright, la mia risposta sarebbe: nel cloud.
traileoni ·
11Patrick Bateman,
a study of post-modernism guided by its an-
ti-hero and what he’s trying to tell us about
mainstream media
all we ever trusted seemed to show and detached tone is ever present both
Alberto Cabezas
alberto.cabezas@studbocconi.it its true colors, colors of personal- in his narrative and his affairs, most of
fulfillment, avarice and individualism. the time he seems to be completely
L’“I have no patience for revelations, Facing a reality it wasn’t prepared to disconnected from everything that
for new beginnings, for events that confront, the new born post-modern happens around him and he recurrently
take place beyond the realm of movement turned to mockery, drops into conversations rude and
my immediate vision.” –P. Bateman mockery of the broken system our own perverse comments which somehow
Mid-19th century, “On the Origin of intellectual development had created. seem to always be ignored or taken as
Species” is published. Few realize From this point onward I’ll concentrate a joke. This unrealistic portrait of real
how much this book has shaped the on whom we shall consider the post- interactions extrapolates to the very
way we think, live and hope. Since modern anti-hero, such an exaggerated people involved as the reader realizes
I’m hoping to at least mildly entertain expression of the post-modern point that characters’ names are mixed up
you with this article, we’ll leave aside of view that we can meticulously and the confusion prevails through
any discussion on evolution and focus study its flaws: Mr. Patrick Bateman entire chapters and even across them
solely on its effect on God. Yes, my dear (applause). You might remember but is never addressed. In this way
friends, the same God we all love to him as the protagonist and narrator the main thesis of post-modernism
deny our belief in at times of ease but of the B. E. Ellis ’91 novel and ’00 is presented to the reader through
beg to for mercy when all hope is lost. movie adaptation: American Psycho. the most shocking of realizations: by
Even though nowadays this is a common This freak’s post-modern features can inducing doubt over the most pure
practice, we must remember there was be fully analyzed by segmenting and of truths, that of identity. If the very
a time when all were firm believers (of dissecting two recurrent traits of his people that surround us, that make
something at least). This book broke the persona: his irony and his violence. up the relationships that define us,
spell, above all it helped science detach Irony is a common characteristic in are nothing but a farce, then there
itself from the parasite that was religion post-modern literature and Ellis’ is can be no absolute truth beyond
and endeavor into new, beautiful, no exception. In American Psycho that, everything that makes up the
unexplored lands. This propelled the everything is seen through the eyes of reality we know must be doubted.
modernist movement as thinkers cynicism, positive outlooks on life such The reader’s suspicion of the narrator’s
started doubting the premeditated as a young Harvard student claiming unreliability grows as the novel
idea of an omnipotent creator and logic “life is full of endless possibilities” are progresses. Bateman’s violent actions
became the sole commandment of laughed at and discarded through the evolve from the murder of a bum
our critical thinking. Science replaced literary device that is violence in this to the very graphic torture, murder,
religion and with it as our only source narrative (she is murdered). Every now necrophilism and cannibalism of two
of undeniable truth we still had hope and then Bateman gives us an insight prostitutes. As his actions become
on a universal principle. We trusted our into his rancid, self-loathing thoughts more exaggerated and less controlled,
institutions, saw them as the backbone and demonstrates his negative Bateman himself becomes eerie of the
of our ever progressing civilization. approach to life: his perception of how way he always seems to get away scot-
And then, like Randy Orton (outta everything is done without an end free. So this self-centered, narcissistic,
nowhere), two World Wars and goal and how catharsis is an unrealistic post-modern implies that the world
economic depression. Thus we capability of the human mind. conspires to help him and that only
became skeptics, powered by fear As dialogue develops, we meet from the grace of his luck is that he is
our doubt became ubiquitous. his peers and understand their victorious. He has become so convinced
Skepticism mutated into irony as relationships. We notice that his cynical of his individualism, of his uniqueness,
12 · traileonithat he perceives the world revolving to studying it. Dissecting it, eating it, don’t know how to address, it’s how
around him, this notion perfectly having sex with it, letting it rot; it’s not we have stripped irony from all its
describing the extreme stance of the with lunacy but genuine inquiry that thought provoking capabilities and
post-modern’s lone perception, a me- Bateman tells us, in a direct comparison transformed it into an easy-to-swallow
against-the-world approach to reality. between the material things that make pill for the consumer to alleviate the
There is one truth that is sustained up his character and the human context need for intellectual stimulation that
and Bateman keeps holding on to as that surrounds him: “I want to drink this has caused its demise. How, because
if his sanity depended on it, the only girl’s blood as if it where champagne.” of profit, we have widespread the use
repeating practice that seems to be The novel ends, however, in the same of irony without discussion, and why
trustworthy and real is the (literal) environment as it started in, with we, the public, need to realize that the
listing of material possessions. Brands, the same individuals we now know system we love to criticize, the religion
names, models and features are key we don’t actually know, having the we so brightly have learned to live
elements that seem to blend into every usual superficial conversations about our lives without, are only different
scene, character and dialogue. What appearance, brands and objects and we embodiments for television and social
is important to notice is how close slowly realize that Bateman was right media and any means of massive
material possessions and violence all along. He’s done nothing to change consumption of homogeneous
seem to be at all times, almost brewing the world he lives in and we’re equally information that serve as a platform for
into the same thing. Ergo they relate to useless as listeners of his mockery of it. the real discussions to be digested and
the same thing: context. A prevalent It’s all part of the irony that is so eager sold to the consumer in a convenient,
notion in post-modern philosophy to judge but seems unable to solve, fun and useless manner, all in the
makes context the necessary condition and we’ve become so self-centered in hope to make us feel like maybe we
for our understanding. To be able the wittiness of our ironic cynicism that understand everything that is going
to conceptualize a word, a thing, we have become obsessed with patting on around us, that maybe we fit in.
a human being, we must compare ourselves in the back for our ingenuity I won’t claim swallowing the red pill
it to something (or someone) else. and forgotten that behind it all there will make things easier, but it will
Hence his actions are better understood is still a problem we must solve. And show you the true colors of the world
as violence towards the context. He this is the only relevant criticism of the and it will bring about progress to a
realizes context is what gives him a mainstream post-modern movement: reality where our dull, lazy intellects
definition and he is so obsessed with the fact that it has made irony useless. have become comfortable in, progress
fitting in that he turns to murdering D. F. Wallace published an essay called that for the moment has stalled.
that which makes him different: “E Unibus Pluram” in 1993, a harsh
other humans to compare himself critique of irony; nevertheless, seen
to. This approach; however, changes. through the eyes of an insatiable
Throughout the novel he becomes consumer of what was at the time the
more and more interested in truly main source of mass media: television.
comprehending it, as he says so himself By echoing Wallace’s ideas I’ll present
before narrating one of his bloodiest the main thesis of this article: that is
scenes: “As usual, in an attempt to not the post-modern’s irony to blame
understand these girls, I’m filming for our futility in solving the many
their deaths.” As the novel progresses, problems of our existence, as a matter
Bateman realizes context is something of fact it’s an essential tool to bring
he will never destroy, thus he turns to our attention all the subjects we
traileoni ·
13Rich italians
Nutella eventually became the Leonardo was smart with
Joy Pamnani world’s leading chocolate-nut spread integrations and acquisitions,
joypamnanì9@gmail.com brand, capitalising on the idea of including the Italian brand Vogue
Unless you’re living under a rock, being the first brand that allowed in 1990, Persol and US Shoe
you’ve probably noticed a Crazy people to enjoy confectionery at a Corporation (LensCrafters) in 1995,
Rich Asians craze in Hollywood very accessible price. Ray-Ban in 1999 and Sunglass Hut,
over the past few months. From Michele unfortunately passed away Inc. in 2001. In 2007, Luxottica
how the movie brings light to the in a cycling accident in 2011, but the acquired American rival Oakley,
upbringing and family troubles of Ferrero group prevails. Alongside expanding its presence in the United
Asian Americans, to the glamour Nutella, the company produces States.
of Asia’s billionaires, to the unique several lines of confectionery More recently, Luxottica agreed to
casting process of only Asians and goods under various brand names, merge with lens maker Essilor to
Asian Americans. including Kinder, Tic-toc, and the create the world’s largest producer
But enough about Asians, it’s time classic, Ferrero Rocher. and retailer of sunglasses and
for the story of Crazy Rich Italians, 2. Leonardo’s lenses prescription glasses.
and how some of them made their Italy’s second richest man is the “Whether you think you can, or think
fortunes. world’s largest producer and seller you can’t--you’re right.”
1. Ferrero & Family of glasses and lenses. But once upon It’s a quote from Henry Ford, but
If you like chocolate, whether you’re a time, this gentleman‘s family was Leonardo seems to prove the point
a fan of white or dark chocolate, or so poor they gave him up to an just as well.
of chocolate melted with a pinch of orphanage. 3. Stefano Pessina
hazelnut, you’ve probably bought Meet Leonardo Del Vecchio, the Stefano Pessina is an Italian
something from this family. founder and chairman of the billionaire that heads the world’s
The Ferrero Group is a story of Luxottica group. The Luxottica largest drugstore chain: Walgreens
success in its third generation, group also owns Sunglass Hut, Boots Alliance.
currently run by Giovanni Ferrero, LensCrafters, Ray-Ban and Oakley. Stefano was born in Italy and
grandson of Pietro and son to Not to mention, he also makes graduated in nuclear engineering
Michele Ferrero. glasses for virtually every brand, from the Polytechnic University of
Pietro created the brand during including Bulgari, Chanel and Milan before starting his career in
World War II in northern Italy, where Armani. academia and later joining market
he set up a lab to supply to his wife’s Leonardo started his career as a tool research firm ACNielsen in Milan.
pastry shop. Pietro famously added and die maker, to which he picked His business journey began in
hazelnut to save money on the up metalworking skills and moved 1977 when Stefano took over his
production of chocolate, leading to the town of Agordo, the center family’s pharmaceutical wholesaler
to the groundbreaking creation of of the Italian eyeglass industry to in Naples. In the mid 1970s,
Nutella. kickstart his career in making frames. Stefano bought a number of other
“My grandfather lived to find In 1967, Leonardo started selling small pharmaceutical wholesale
this formula. He was completely complete eyeglass frames under businesses, slowly expanding his
obsessed by it,” said the current boss the Luxottica brand. In 1974, he presence across the European states.
of the family business, Giovanni acquired Scarrone, a distribution In 1991, Alliance Santé was born
Ferrero, in an interview with BBC. company, which greatly boosted from an innovative merger with
The company saw a period of sales. Soon after, the company set some French wholesalers. In 1997,
growth and success under Pietro’s up its first international subsidiary in the company merged with the UK
son Michele Ferrero, with offices and Germany and a licensing deal with business, UniChem, to form the
production sites opening overseas. the designer Giorgio Armani was Alliance UniChem.
settled in 1988. In 2006, Stefano led the merger
14 · traileonibetween Alliance UniChem Plc and affiliates partners and distributors within the government forced
Boots Group PLC to form Alliance focused on diabetes, haematology, Berlusconi to resign.
Boots, taking the group private in a clinical chemistry, urinalysis, and Berlusconi stayed the leader of Forza
$22 billion deal. immunology. Italia, promising his people tax cuts
In 2012, Alliance Boots and Over the 1990s, Menarini became and higher pensions. He secured a
Walgreens, the largest drug store Italy’s leading pharmaceutical victory in the in the 2001 national
chain in the US, announced a company through a series of parliamentary elections and became
landmark strategic partnership acquisitions and opening of affiliate prime minister.
- a merger of Alliance Boots and companies. Celebrating its 125th His party struggled due to the
Walgreens by 2014, creating the anniversary in 2011, Menarini poor performance of the economy
world’s first global pharmacy-led, acquired Invida group of companies in 2005, leading to Berlusconi not
health and wellbeing enterprise. in a strategic move to expand its being able to secure a win in the
Currently Executive Vice Chairman presence in the Asia-Pacific region. 2006 elections. National elections
and Chief Executive Officer of Today the company is dedicated held in April 2008, which was when
Walgreens Boots Alliance, Stefano to the search for pharmacological Berlusconi took the lead to create
is well respected for his passion solutions for such therapeutic areas a new political party called “the
and dedication to the healthcare as cardiovascular diseases, oncology, People of Freedom” - and he won a
industry, in which he has played a pain/inflammation, asthma and anti- third term as prime minister.
key role during a career spanning infectives. The third term was tough on
four decades. Massimiliana’s daughter Lucia, is the Berlusconi - who struggled with
4. Massimiliana and Menarini chairman of Menarini, while her son Italy’s debt crisis and a resulting
Also one of the top 10 richest women Alberto Giovanni is vice chairman of decline in approval ratings
in the world, Massimiliana Landini the company. domestically alongside suffering
Aleotti is an Italian billionaire, and 5. Silvio Berlusconi relations with partnering EU nations.
owns the Italian pharmaceutical Last, but not least, Silvio Berlusconi. Berlusconi eventually resigned.
giant Menarini with her two children. This guy isn’t just rich because he’s Despite being out of office, he didn’t
Menarini was founded in Naples, got his own business. In fact, he plays stay low profile. Berlusconi had
in 1886, originally titled “ “Farmacia an important part in Italian politics. gotten involved in a lot of tax frauds
Internazionale”. This business Berlusconi created the cable and ongoing criminal trials. In 2013,
transferred to Florence in 1915, television firm Telemilano in 1974, he was convicted of tax-fraud by the
expanding to offer three divisions: initially focusing on building a media court of final instance, banning him
Menarini Ricerche, Menarini Biotech empire in the city, and then moving from public office till 2019.
and Menarini Diagnostics. onto diversifying his business Today he’s best known for (1)
With its headquarters is in Florence, holdings under the Fininvest holding Mediaset, currently operating three
Menarini’s research activities are company. In the 1980s, he acquired national television channels covering
carried out through Menarini department stores, movie theatres, half of the national television sector;
Ricerche, from the creation of new publishing companies under the (2) Publitalia (it), the leading Italian
projects up to drug registration. umbrella of the Fininvest holding advertising and publicity agency.
The Menarini Biotech follows the company. (3) Owning a controlling stake in
creation of a biotechnological In 1994 Berlusconi founded Forza Arnoldo Mondadori Editore, the
drug from the very early stages of Italia (“Go, Italy!”), a conservative largest Italian publishing house.
research, through to the pilot scale political party, and was elected
and up to industrial production. prime minister. Shortly after he took P.S. Football fans, you’ll also know,
The Group’s Menarini Diagnostics office in May 1994, the government he owned the Italian football club
division is a health care company launched a corruption investigation A.C. Milan from 1986 to 2017!
with a worldwide network of into his business empire, disputes
traileoni ·
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