ESG Capitalism, a Goal Within Reach

When we reach the end of the pandemic tunnel, we must be able to say to ourselves that we have done everything possible to build a new capitalism, one which leans toward growth and development while trying to ease inequalities and respect the planet. A capitalism that thrives in an aware and inclusive globalization which enhances diversity instead of marginalizing it. We might define it as ESG capitalism, and enlightened entrepreneurs and companies, the Olivettis of the 21st century, have already begun this revolution. It represents a cultural turning point by which we take a 360 °view of the impact and value that companies create with respect to all stakeholders, from shareholders to final consumers, without losing sight of workers and the territory.

In this context, what is the role of a university, of Bocconi and its community? It is to cultivate the ground on which ESG capitalism must sprout. To train managers and policy makers who, with competence and a critical spirit, are able to direct the actions of companies and organizations according to shared priorities that enable them to have a positive impact on the whole of society. In order to train the new generations in a culture different from our native one, it is necessary to develop new knowledge precisely in those areas that they understand to be indispensable for our very survival as a society. For this reason, among the latest Bocconi initiatives marking the end of 2020 and the hope of rebirth in this new 2021, we have created two new research structures thanks to the shared objectives and support of our partners. They are the Axa lab in gender equality and the eSG Lab - excellence in Sustainability and Governance for SMEs, by SDA Bocconi, promoted by the Sodalitas Foundation, with the support of the Enel Foundation and Falck Renewables. These centers are in addition to the Covid Crisis Lab born last May (whose director, Alessia Melegaro, has just won an important ERC grant on vaccines which she tells us about in this issue) and to centers with a longer tradition in Bocconi such as LEAP, Laboratory for effective anti-poverty policies, or the Dondena Center for research on social dynamics and public policy.

Another aspect of our social life is fundamental in supporting ESG capitalism: knowing how to govern the digital world, correctly interpreting the information that comes to us from the data (collected with respect for privacy) and living in the social commons once again by applying critical thinking and respect for the rules. It is precisely on these aspects that Bocconi is at the forefront thanks to the commitment of scholars such as Oreste Pollicino, recently appointed Co-Chair for the "Digital Transformation" task force of Think20 (T20) Italy 2021, whose task is to develop policy proposals to be presented to the leaders of the G20, and Francesco Decarolis, who won his second ERC grant on the topic of the Competition in Digital Markets (about which he writes in this issue).

We are only at the beginning but ESG capitalism is within our reach, and we must build it brick by brick.