Abstract

In recent years, the «smile curve» that describes (global) value chains has become considerably more pronounced. The value attributed to the intermediate part of the curve – relating to material productive processes – has greatly decreased as compared to that of the first (research and product development) and last (marketing) parts, where globally enforced intellectual property rights play a key role. This evolution of modern capitalism has led to the monopolization of knowledge assets, decisively contributing to the marked increase in inequality and to the long economic stagnation. This work analyses the interdependency among these phenomena and its implications for Italian industrial policy, and advances some proposals that have the objective of spreading the welfare afforded by new technologies. So far, rapid technological change has, unfortunately, only allowed to smile those that have access to the new monopolistic rights that characterize modern capitalism.