Rethinking Capitalism (ReCap) Webinar Series

Rethinking Capitalism after Covid: The Power of Creative Destruction

by Philippe Aghion (Collège de France, INSEAD, London School of Economics)

Monday 21 February 2022, 5pm (CET) - Online (ZOOM) from the University of Milano-Bicocca

Webinar Description

The COVID -19 crisis was a wake-up call for academics and policymakers worldwide, and it revealed some of the serious problems plaguing our economic, social, and political systems. For instance, it showed the U.S.'s dysfunctional social welfare and healthcare systems, as well as the mounting working-class distress against a structurally unequal and unfair allocation of income and wealth. It showed the inadequate innovation system and the missed opportunities for growth originated from an unaccomplished process of political integration in Europe. The lack of transparency and the excess concentration of power in China and Russia. It showed the potential implications of a failed transition to more environmentally sustainable production models worldwide. But the crisis is also an opportunity for change. In this respect, the realization that creative destruction can serve as a lever for growth after COVID now challenges policymakers, who have to manage a protect-reallocate trade-off. On the one hand, they have to support viable firms to save jobs and preserve the human capital accumulated on those firms. On the other hand, they have to encourage the entry of new firms and activities which are more efficient and responsive to the needs of consumers, i.e., they have to accompany the process of creative destruction without obstructing it. The challenge is to unleash the power of creative destruction while softening its impact on employment and people's health and happiness. To direct creative destruction toward greener and more equitable growth. To avoid excessive concentration of wealth and power, leading to yesterday's innovators blocking new innovators and threatening our democracies.

Event Information

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Monday 21 February 2022, 5pm (CET)


ZOOM streaming from the
University of Milano-Bicocca

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In collaboration with

Philippe Aghion (Collège de France, INSEAD, London School of Economics)


Online Papers

Amaral-Garcia, S., Dalla Pellegrina, L., & Garoupa, N. (2020). Consensus and Ideology in Courts: An Application to the Judicial Committee of the Privy Council (Working Paper No. 430). University of Milan Bicocca Department of Economics, Management and Statistics.

Baiardi, D. (2019). Do Sustainable Energy Policies Matter for Reducing Greenhouse Gas Emissions? SSRN Electronic Journal

Baiardi, D., & Morana, C. (2020). Climate Change Awareness: Empirical Evidence for the European Union. SSRN Electronic Journal



Recorded Sessions

Recording available here

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