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This book focuses on the recovery and new normal in a post-Covid scenario, drawing important lessons from the pandemic and proposing new ideas for sustainable development, endogenous dynamism, and inclusive growth. The book presents different ideas and perspectives about the present and the future, reflecting on four main fields of our economic reality: macroeconomics, governments, technology, and society. It discusses important topics for future economic scenarios, beginning with an estimation of the economic consequences of the absence of an equitable distribution of vaccines. Further topics discussed include the governments debts sustainability, the probability of an inflation/deflation or of a stagflation scenario, as well as the impact of US and European economic policies on economic growth. The book further investigates the economic costs of the pandemic, which have fallen most heavily on those least able to bear them. It examines governments subsidies, which supported people and firms through wage subsidies, unemployment benefits, and other fiscal measures, and discusses the question of whether more investment in health care, education, and other public services will still be needed. In a time of immense change and global challenges, this book is a must-read for scholars, researchers, and students of economics, as well as policy-makers interested in a better understanding of economic growth, energy, environment, migration, development, digital transformation, and demography.

Intro -- Contents -- Slower World Growth or Global Recession with the Trade War? -- 1 Introduction -- 2 Causes and Effects of the ``Great Recession´´ -- 3 Countercyclical Monetary and Fiscal Policies to Overcome the Crisis and Restart Growth -- 4 Slow Recovery in United States but Faster Than Europe´s -- 5 Why Is Growth Slower in Europe Than in the United States? -- 6 Growth Slowdown or Recession in Major Emerging Market Economies -- 7 The U.S. Trade War with China -- 8 Will the U.S. Trade War with China Lead to a New Global Crisis and Recession? -- 9 Conclusion -- References -- European Solidarity as a Way to Face Globalization and as an Antidote Against Populism -- 1 Introduction -- 2 Euro Area Crisis, Austerity Policies and the Stabilizing Role of the ECB -- 3 Opposing Views on the Way EMU Should Be Run: Exit EMU, Risk Reduction or Risk Sharing in EMU? -- 3.1 Exit EMU from a Southern Perspective -- 3.2 Exit EMU from a Northern Perspective -- 3.3 Risk Reduction and Risk Sharing (Namely Fiscal Solidarity) in EMU and the Benefit for Northern Countries of Being Part of ... -- 4 The Need for a Comprehensive View: Risk Reduction and Risk Sharing -- 5 Negative Implications of Austerity Policies and the Need for an Investment Plan -- 6 Fighting Against Populism -- 7 Concluding Remarks -- References -- Global Integration and Economic Growth in Emerging Countries: The Case of BRICS and NEXT-11 -- 1 Introduction -- 2 Literature Review -- 2.1 The Links Between Trade Openness and Economic Growth -- 2.2 Growth Effects of FDIs -- 3 Model Specification -- 4 Data Description and Analysis -- 5 Empirical Results and Interpretation -- 5.1 Basic Model for Complete Sample (BRICS + N11) -- 5.2 Restricted Model (BRICS Only) -- 5.3 Multiplicative Effects -- 5.4 Marginal Effects -- 5.5 Robustness and Sensitivity Analysis -- 6 Conclusions -- Appendix -- References.

Intro -- Contents -- Solving the Problem in Italy and Much of Western Europe -- 1 Innovation in Italy -- Trump´s Challenge to the World´s Liberal Economic and Trade System -- 1 Policy Proposals by Candidate Trump -- 2 Domestic Economic Policies Adopted by the New Administration and Their Effects on U.S. Growth -- 3 International Policies Adopted by the New Administration and Their Effects on the U.S. and the World -- 4 Is the World Trading System Biased Against the United States? Are U.S. Trade Policies Justified? -- 5 Are U.S. Trade Policies Justified? What Trade Policies Should the United States Have Adopted? -- References -- Populism and European Integration: Diagnosis and Policy Response -- 1 Scrolling Back: The Big Picture -- 2 Charting the Future Challenges and Policy Responses -- 2.1 The Defining Challenges Ahead -- 2.2 An Economic Policy Perspective for the Next 5 Years -- 3 Concluding Remarks -- References -- East Versus West on the European Populism Scale -- 1 Introduction -- 2 Literature -- 2.1 Populism and Its Causes -- 2.2 Values and Trust as a State Variable -- 2.3 The Lingering Effects of Communism -- 2.4 Populism and Trade -- 2.5 Populism and Economic Cycles -- 2.6 Populism and Financial Crises -- 2.7 Populism and the Welfare State -- 2.8 Populism and Immigration -- 3 Populist Parties -- 4 Explanatory Variables -- 5 Empirical Analysis -- 6 Specificities of Eastern Europe -- 7 What Makes Hungary and Poland Different? -- 8 Conclusions -- Appendix 1 List of Populist Parties -- Appendix 2 GLS and a Marginal-Effects Logit Regression -- References -- Artificial Intelligence, Labor Market Structure, or Hysteresis of Past Recessions? Why Prices in Japan Do Not Rise Despite Qua... -- 1 Hysteresis and Sluggish Growth in Wages and Prices: The Case Study of Japan -- 1.1 Reversal of Hysteresis -- 1.1.1 Labor Input -- 1.1.2 Labor Productivity.

This book explores the reasons behind Europe's poor performance in terms of overall growth and its progressively diminishing role in the global context. Recognizing that the big challenge is to restore confidence and hope in Europe, potential solutions are discussed. The volume comprises a selection of contributions to the XXVI Villa Mondragone International Economic Seminar (Rome, 2014), the most recent of a series of seminars that have provided outstanding scholars with an opportunity to discuss key topics in economic research. In recent years the persistence of high unemployment and low