In the lead-up to the Festival, YSI will hold three parallel workshops. We are kindly hosted by the University of Trento. Integrated into the festival program are lectures by The Institute and other YSI activities. 120 Young Scholars have received a small stipend to attend the festival.
At what level of government can decisions that are fundamental in determining citizens’ wellbeing be taken? To what extent can some areas of economic policy be merged and not others? What is the optimal degree of integration between economic policies in the context of groups of countries? And what transfers of sovereignty are imposed by the construction of a monetary union?
Are the sovereignty transfers imposed by multilateral government of phenomena such as atmospheric pollution, involving different jurisdictions and extending beyond national borders, authentic concessions? Or is this the only form of sovereignty possible? And how can the risk of opportunistic behaviour by individual states in the management of common resources be reduced? How can controls and the democratic legitimization of the international coordination of these policies be strengthened? A vast economic literature exists on these issues. The eurozone crisis has made this literature acutely contemporary and has spawned scores of new papers that are part finance and part macroeconomics. There are burgeoning studies, mixing economics, sociology and political sciences, on the formation of an elite and governing class capable of managing global processes. The emergence of this class is vital in order to prevent the tensions over sovereignty from degenerating into conflict. History teaches us that the risk of cooperation being transformed into conflict is anything but remote, especially following protracted economic crises such as the present one. The economic historians’ contribution will be crucial for an account of the formation of federations beginning from the nation states and Hamilton’s example, up to the genesis of the Federation of Australia.