The money from the Recovery Plan will be used to restart the economy, and in a first phase (still pandemic) a direction and also a presence of the State seems necessary and right, through strong public investments especially for infrastructure and energy and digital transitions. But to what extent is it clear that this is the case, how long will it last and in what ways? This is mentioned in the Trento Economy Festival, whose title is precisely "The return of the State: businesses, communities, institutions" (laws the interview to scientific director Tito Boeri). Starting from the ideas offered by Franco Debenedetti's latest book, “Making Profits: Business Ethics”, the former trade union leader and now a reformist politician also spoke on these issues Marco Bentivogli, emphasizing the need for a State that is more a "solicitor" and "enabler" than a real actor in doing business.
“Italy wins the challenge of recovery and innovation if the public and private sectors work together. However, we must do without the entrepreneurial state in the strict sense: I imagine the role of the state in the near future rather as a territorial platform, with a role of link and facilitator”, says Bentivogli. Therefore, the reference to the various large public bailouts and the role of the CDP is inevitable, which in recent years has entered the capital of many important companies and which instead should now change gears, after the turnaround at the top wanted by Prime Minister Mario Draghi. “Now there is the case of Ilva, but let's remember Italsider, which was 100% public and exposed 25 times more to pollution. And what's more, he left us 4 billion in debt. I don't know of a positive example of public bailout, and the problem is the mechanism: fictitious newco's are created whose results are not then verified. Instead CDP's intervention should be temporary, transitory and above all selective, to avoid subrogating the role of the banks and risk squandering public resources”.
“The state cannot solve everything e we have already seen this with the IRI: with the end of that phase of public intervention, the private company was unable to establish itself precisely because the public had been too present”, adds Bentivogli. In addition to the fact, and this is specified better by the author of the book, the former CEO of Olivetti Franco Debenedetti, that “where there is too much State, competition decreases and therefore the competitiveness of enterprises. The state has practically infinite resources at its disposal and no one would dare to innovate to challenge it in certain sectors. This is why the State must be a regulator and not an actor". On the role of CDP, Bentivogli is clear: “Sometimes a too negative or too positive consideration of the state's participation in the economy prevails. In Italy I would say too positive, instead we have seen for example with the Reithera vaccine, which despite good intentions we have not been able to produce with public money. CDP has intervened in all possible sectors in recent years: but are we sure that we have such capable public managers in all these fields? As a trade unionist, I have met very few of them”.
“Too many bailouts – continues the founder of the political network Base Italia – are not good and the results of investee companies should be monitored, as is done elsewhere. When Sergio Marchionne merged with Chrysler, he repaid the funds lent by the American administration in advance and accounted for all the activity ”. Another difference with other countries is safety in the workplace: "In the USA - said the former general secretary of Fim Cisl - they understood that insecurity costs more than security. An insecure company is also less innovative and consequently pollutes even more. Safety, innovation and sustainability are closely connected and unfortunately the State often stands in the way of innovation precisely because it tends to help the old company, which does not innovate (and for this reason needs help), ending up dumping to the detriment of innovative ecosystems which even in Italy are trying to be born, especially among SMEs”.
Finally, on the theme posed by the book: is the first task of the company to make profits? “Profit is the foundation, without that the company won't stand” replies Bentivogli. “But I also believe, as Olivetti maintained, that the company must have other purposes, must restore value to the territory and to the community. Consider, for example, the fact that technology is erasing repetitive jobs leaving room for those with high cognitive content. Nowadays in factories the arms are used less and less and the head more and more. This is precisely why a cultural revolution is needed”.
