Tag ‘Joseph Stiglitz’
The second and final day of the SME Assembly 2020 was opened by Shona Murray, who brought together all of the conclusions and thought provoking ideas from throughout Day 1 and entered into conversation with renowned economist Maja Göpel.
In her keynote speech, Maja Göpel stressed how humanity plays a huge factor in economic success and the wellbeing of our planet, and the impact that humanity has had as a changing force on the entire planetary earth system. She also highlighted the need to ‘build forward’ rather than look to ‘build back’, which will require us to re-define where we want to go and put our purpose first.
In the session on intellectual property rights (IPR), our speakers made IPR accessible to all, explaining that IP is much more than just protecting but also about creating opportunities for innovation and growth. The theme of innovation was continued during the ‘Stories of Success’, a showcase of entrepreneurial individuals who use their expertise and companies to innovate during the crisis and provide useful products and services.
A high-level roundtable of experts, including DG GROW’s Kristin Schreiber, came together to discuss the impact of COVID-19 and specifically challenges and opportunities for SMEs, as well as what the future of policy making should focus on. Speakers touched on the importance of solo entrepreneurs, their contribution to societal cohesion and the need to sustain entrepreneurial diversity, as well as the importance of SMEs and how their survival determines Europe’s survival during this crisis. Other conclusions included the need to overhaul current thinking and a system that does not necessarily honour honest people.
Concerns about the current the current liquidity crisis being a pre-cursor for a solvency crisis for SMEs were shared during the presentation from the OECD and the European Commission. Among the main challenges for businesses going forward are labour costs, debt accrued during the peak of the crisis, and financing conditions in general, which all have a sizeable impact on the expectations for the year ahead.
Expert discussions around re-thinking value chains revealed that what SMEs need during the COVID crisis is reliability and transparency, and that the key focus areas when re-designing these chains should be: connected, automatic and electric vehicles, hydrogen technology, smart health, low carbon industry, industrial IoT and cybersecurity.
Our youth finalists for this year’s essay competition, Georgina Whiteman, Pablo Pastor Vidal and Sabine Kerssens took the floor with their ideas, whilst delegates listened to their speeches and voted. Young innovative engineer Sabine was crowned this year’s winner, as her ideas on cross-border collaboration and inclusive innovation spoke most to the delegates who selected her in the live vote. Well done Sabine!
So where do we go from here? The closing session highlighted the importance of continuing forward and not searching to simply return to the status quo. Closing speakers also impressed the need to recognise and support the strong societal role that our SMEs play and to start taking concrete steps. It is time for us to hand the SME Assembly torch to Slovenia, where hopefully next year we will be able to have the SME Assembly 2021 in person, and continue discussions on building a sustainable and resilient future together.
Catch up on moments and highlights from the SME Assembly 2020 on our YouTube channel:
Nobel Prize winner Joseph Stiglitz says, “We need to transform our economic system from dependence on fossil fuels to renewables and to do that we need rapid innovation” and calls for a new partnership between the public and the private sector.
This year’s Schumpeter ‘Innovation in Enterprise’ Lecture was given by Joseph E. Stiglitz, Nobel Prize Winner and Professor at Columbia University.
Professor Stiglitz’s lecture covered topics such as the problems caused by the emphasis on markets without sufficient government regulation markets; the economic effects of the COVID pandemic and the effect of cutbacks in science budgets; the rise of the tech giants; the role of innovation in transforming our economic system from dependence on fossil fuels to renewables; and his hopes for the new US administration.
Speaking on the balance of markets and government, Professor Stiglitz stated that “in recent decades we’ve lost that balance under neoliberalism under the ideas of Thatcher and Reagan, we put all the emphasis on markets but without government, without government investment, without government regulation, markets don’t work well. In fact, we saw in the 2008 crisis how poorly they worked. The financial sector even though it was absorbing 8% GDP up from 2.5% of GDP, wasn’t allocating resources more efficiently, it wasn’t creating higher growth, it was creating more instability and so it was the absence of government regulating the market that led to the disastrous outcomes we saw.”
Professor Stiglitz also addressed the COVID pandemic, describing it as a ‘natural experiment’ of ‘historical proportions’. Speaking about the pandemic he went on to say that “it’s becoming a field for social scientists, for economists, for epidemiologists, as they study what kinds of actions led to controlling the pandemic and controlling the economic aftermath of the pandemic.”
He closed the lecture by speaking about Schumpeter and his vision of what a dynamic market economy was like.
“Thank you for inviting me to address you in this Schumpeter lecture, Schumpeter had a vision of what a dynamic market economy was like, it was a good vision, that dynamism leads to the flourishing of the human spirit.
That entrepreneurial spirit has the potential, as it has in the past raising standard standards of living for all, but we won’t live up to that potential unless we have the right balance between the government, market and civil society. A new social contract which embraces public investments, strong regulations, including on the environment, and the right rules. We are at a critical point in time, we are recovering hopefully from the pandemic or we will be in the not too distant future, we should have learned a lot of lessons and among the lessons are the importance of science, the importance of good institutions, the importance of global cooperation, the importance of innovation and as I emphasized those things which made for success in addressing the challenge of the pandemic I believe will also make for success in achieving long-term shared prosperity. “
Watch the Schumpeter Lecture in full:
The SME Assembly 2020 is getting closer and still accepting registrations. Make sure that you don’t miss out on the online edition taking place from 16-17 November and register now to secure your place.
This year’s programme promises to be high-level and diverse with many famous faces such as Peter Altmaier, Minister for Economic Affairs and Energy in Germany, and Thierry Breton, Commissioner for Internal Market, and renowned economist Maja Göpel.
Here on the News Portal we have already introduced our distinguished 2020 Schumpeter lecturer Professor Joseph Stiglitz, and looked into the joint EEPA and European Small and Mid-Caps Awards ceremony. But what else is on the programme?
There’s truly something for everyone in the range of policy workshops and masterclasses that will be on offer, with topics ranging from SME’s leading the EU’s digital sovereignty to discussions about Women Entrepreneurs in times of COVID. As always, each session will see leading European experts convene to discuss the matters at hand from a specialist perspective. The highly anticipated Youth Essay Competition finals where our top three finalists will compete for YOUR vote will also be taking place LIVE as part of this year’s programme.
The SME Assembly 2020 will also offer networking opportunities, to ensure that the valuable conversations between delegates and the connections built throughout our Promoting Enterprise community are not lost. Make sure to register as soon as possible to secure your chance to network in dedicated online spaces and sessions during this year’s Assembly.
In addition to traditional networking there will also be ‘Virtual Worlds’ available for a small number of Assembly attendees to experience an innovative and immersive networking session. These sessions will transport participants to other worlds and demonstrate how SMEs can use ground breaking opportunities that the digital and technology expanse offers for economic growth and resilience. In order to secure one of these additional limited places first, register for the SME Assembly event, then contact the SME Assembly Secretariat with VR Event as the subject line to register your interest. Please note that only registered delegates will be able to secure spots for the VR sessions.
Register for the SME Assembly 2020 and join us for THE event for SMEs and those who support them.
The SME Assembly 2020 is getting closer and we are here to bring you a closer look at this year’s exciting and high-level programme. Have a look at the full programme here and don’t forget to register for the SME Assembly before it is too late!
Every year at the SME Assembly delegates have the chance to watch the best projects from across Europe and COSME countries be awarded for their efforts and work in the areas of enterprise and entrepreneurship. This year the SME Assembly is proudly hosting not one but two awards ceremonies, the European Enterprise Promotion Awards and the European Small and Mid-Cap Awards, where the most innovative projects in our Promoting Enterprise community are recognised.
The European Enterprise Promotion Awards – EEPA
The EEPA reward those who promote entrepreneurship and small business at the national, regional and local level through a variety of initiatives spanning six individual categories. Winning projects are chosen via a series of rounds including a national competition, a European competition to determine the shortlist and finally an awards ceremony where the prestigious EEPA jury reveals their top choices per category and their selection for the Grand Jury Prize. Find out more about the EEPA 2020, discover the projects competing on the shortlist and don’t forget to join us for the EEPA 2020 finals at the SME Assembly 2020.
The European Small and Mid-Cap Awards
This year the SME Assembly will also be hosting the finals of the European Small and Mid-Cap Awards, which promotes best practices and encourages more small and medium-sized enterprises (SMEs) to access capital markets via IPOs. Running since 2013, the awards recognise SMEs across four different categories: International Star, Rising Star, Star of Innovation and Star of the year. Find out more about the projects shortlisted for the 2020 finals and don’t forget to secure your place at the ceremony to find out who the 2020 winners will be.
More about the SME Assembly 2020
The SME Assembly 2020 will feature a combination of high-level panels and interviews, expert roundtables, interactive workshops, informative masterclasses, and innovative networking opportunities to help answer the difficult questions facing our community post-COVID. Top speakers include Nobel Laureate Professor Joseph Stiglitz, Commissioner Thierry Breton, Federal Minister for Economic Affairs and Energy Peter Altmaier, and the distinguished economist Dr. Maja Göpel.
Register for the SME Assembly 2020 here.
As you are probably already aware, U.S. economist and Nobel laureate Joseph Stiglitz will be delivering the Schumpeter ‘Innovation in Enterprise’ lecture at the SME Assembly 2020, to be held online on 16 and 17 November during European SME Week. This promises to be a riveting address, so if you haven’t already saved the date, make sure to do so immediately. Ahead of the Assembly we are publishing a short introduction to Mr Stiglitz and his work on the Promoting Enterprise News Portal.
Joseph Stiglitz is an American economist, public policy analyst, and a professor at Columbia University. His CV is formidable – he is a former senior vice president and chief economist of the World Bank and a former member and chair of the US president’s Council of Economic Advisers. In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University, where he has been a faculty member since 2001.
Stiglitz has also served as chair of the international Commission on the Measurement of Economic Performance and Social Progress, appointed by President Sarkozy of France, and currently serves as co-chair of its successor, the High Level Expert Group on the Measurement of Economic Performance and Social Progress. In addition, from 2011 to 2014, Stiglitz was president of the International Economic Association (IEA).
In addition to his impressive work Stiglitz is the recipient of a long list of international awards. Chief among these are the John Bates Clark Medal, which he was awarded in 1979 by the American Economic Association, and later, in 2001, he was recipient of the Nobel Memorial Prize in Economic Sciences. Stiglitz received the Nobel Prize along with George Akerlof and Michael Spence for their analyses of markets with asymmetric information.
The economic theory of asymmetric information proposes that an imbalance of information between buyers and sellers can lead to market failure. Analysis of these markets looks at questions such as why interest rates are often excessively high on local lending markets in Third World countries, or why rich landowners don’t bear the entire harvest risk in contracts with poor tenants.
Stiglitz and his co-laureates proposed a common explanation and extended the theory, augmenting it with the realistic assumption of asymmetric information: agents on one side of the market have much better information than those on the other side – tenants know more than landowners about their work effort and harvesting conditions, for example. For more information on markets with asymmetric information, check out the Nobel Prize site.
Stiglitz is also the author of several books, most recently The Price of Inequality: How Today’s Divided Society Endangers Our Future. His other books include People, Power, and Profits; The Great Divide: Unequal Societies and What We Can Do About Them; Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity; and Globalization and its Discontents.
Don’t miss out!
In 2011, Time magazine named Stiglitz as one of the 100 most influential people in the world. Delivered by such a formidable keynote speaker, the Schumpeter ‘Innovation in Enterprise’ lecture at this year’s SME Assembly is a not-to-be-missed event that promises to be full of valuable insights for innovative businesses.
In the interests of the safety and wellbeing of our community, the decision has been taken by the German Presidency of the Council in cooperation with the European Commission to transform the SME Assembly 2020 into an online event.
The event will feature the usual array of top-level speakers, panels and masterclasses, and will feature a highly curated programme designed for the European enterprise community to share, innovate and continue to build the resilience that has helped us get through the unprecedented challenges presented by COVID-19.
In this edition we will also be sharing the latest EEPA 2020 announcements, including introductions to some of our top finalists, as well as a closer look at the projects awarded Special Mentions by the 2020 jury.
Don’t forget that we also want to hear YOUR stories, how are you facing these challenging times? Share your news and updates to be featured in an upcoming issue or on the Promoting Enterprise News Portal.
In the interests of the safety and wellbeing of our community, the decision has been taken by the German Presidency of the Council in cooperation with the Commission to transform the SME Assembly 2020 into an online event.
The SME Assembly 2020 will feature a combination of high-level panels and interviews, expert roundtables, interactive workshops, informative masterclasses, and innovative networking opportunities to help answer the difficult questions facing our community post-COVID.
Top speakers, such as Nobel Laureate Professor Joseph Stiglitz, have already confirmed their participation in this year’s event. We are delighted to inform you that Professor Stiglitz will deliver the 2020 Schumpeter ‘Innovation in Enterprise’ Lecture from New York.
We will also be joined by many other top speakers such as Commissioner Thierry Breton, Federal Minister for Economic Affairs and Energy Peter Altmaier, the distinguished economist Dr. Maja Göpel, and many more.
So, if you haven’t already, SAVE THE DATES in your diaries.
You can start following the SME Assembly 2020 conversation and join in by using #SMEAssembly2020 on Twitter and by following @EEPA_EU, or by heading over to Facebook and following the @PromotingEnterprise page. Other updates on the SME Assembly 2020 will also be posted right here on the News Portal.
We look forward to seeing you online on the 16th and 17th November for this exciting virtual version of SME Assembly 2020!