Festival of Economics Trento 2026

From the market to new powers. The hope of young people

There was a time when the market set the rules. Economists explained that it represented the best possible synthesis not only between supply and demand, but for the entire architecture of the world. Politicians, or at least a good number of them, theorised about its effectiveness. And journalists, or at least most of them, amplified its effects. Once again, things have turned out differently. The market, together with globalisation, has dramatically waned, leaving room for new powers. In some cases, these are truly new, in others, they are the result of major comebacks. Among the new developments is certainly the impetuous growth of big tech, the American multinationals that have built empires in advanced technologies and that now face the ultimate test of artificial intelligence. This is confirmed by comparing the ranking of the largest companies listed on Wall Street. Over the last 20 years, the turnover has been total and resounding: the giants of the old economy have lost positions, from oil groups to telecommunications. Their place has been taken by companies such as Nvidia, Apple, Microsoft, Alphabet, Amazon. These five companies, having grown at an extraordinary speed, now concentrate a total value close to the gross domestic product of the European Union (2024 data), achieving an unprecedented concentration of wealth and power.

Today, big tech unquestionably represents a formidable command centre. Together, they share the keys to unlock developments in artificial intelligence, which are crucial for the future of business and for the lives of all of us. More influential than many states. The latter is a moving front, symbolised by the image of the pendulum swinging, which is now clearly shifting from West to East...