The Constitution of Innovation By Luis Garicano, Bengt Holmström & Nicolas Petit · Nov 10, 2025
At the end of the Second World War, Europe was a devastated continent and much poorer than the United States. Despite this unfavourable situation, in the following decades it managed to achieve an extraordinary recovery: between the 1950s and…
Physical gold and virtual liquidity: a new paradigm
The world of cryptocurrencies continues to move closer to traditional finance through increasingly structured strategies. A striking example is Tether, a company best known for issuing the USDT stablecoin, which has embarked on a policy of the accumulation of physical gold worthy of a central bank.
Tether…
Economic Growth: An Exception in Human History
For centuries humanity lived in a condition of minimal development, with progress being limited and never long-lasting. Only in the past two centuries has a radically new phenomenon emerged: continuous economic growth, capable of lifting millions of people out of poverty and building the foundations for modern prosperity.…
Introduction: a fragile balance
In recent years, the global economy has seemed to be hanging in a delicate balance. Signs of growth are visible, but they often rest on shaky foundations. Behind the world’s positive GDP figures lies a reality of widening inequalities and increasingly concentrated wealth.
Apparent growth and real inequality
Reports from international…
Asian Development Outlook published by the Asian Development Bank (ADB)
In recent decades, capital flows into emerging markets have undergone two decisive shifts.
The first came in 2008, when the Federal Reserve launched its Quantitative Easing program, flooding global markets with liquidity and driving strong investment into emerging economies.
The second occurred in 2014, when…
Gold above $4,000: a new record and global implications
At the beginning of October 2025, the gold market reached a historic milestone: for the first time ever, the price exceeded $4,000 per troy ounce, doubling its value in just twelve months. According to data from the London Bullion Market Association, the average price during the…
War and Finance: An Uncomfortable Bond
War is not only destruction and shattered lives: it is also a powerful economic engine. Every conflict triggers a chain reaction in financial markets, fuelling speculation, investments and billion-dollar profits, turning tragedy into opportunity for some economic players.
Defence Companies and Profits
It comes as no surprise that giants…
An economy in transformation: from global challenges to new visions
Today, the economy faces unprecedented global challenges: pandemics, conflicts, environmental crises and imbalances in an increasingly interconnected system. To address this complexity, it is necessary to exceed the limitations of past theories and adopt a broader perspective that promotes people, communities and universal ethical principles.…
Introduction
The concept of free trade is often presented as a driver of global economic growth: goods moving freely across borders, economies getting stronger and consolidating international relations. However, behind this idealized vision lies a more complex reality, made up of trade barriers that restrict the flow of goods and distort competition.
What is Free…
A GLOBAL OVERVIEW OF ECONOMIC STRATEGIES
The 2025 edition of the World Tariff Profiles has been published, providing comprehensive data on tariffs and non-tariff measures imposed by over 170 economies. This database is a joint publication of the World Trade Organization (WTO), the International Trade Centre (ITC), and United Nations Conference on Trade and…
