Consolidation of the power of large digital conglomerates with a global reach is negatively affecting the global economy, as the power is concentrated in the hands of a few, and this situation requires a tough response from governments.
This is the estimate of the former Minister of Economy of Portugal. Pedro Siza Vieira, who left his post in March this year after five years in the ministry. Participated in the X Lisbon Legal Forum organized by the Brazilian Institute of Education, Development and Research (IDP).
According to Vieira, the world has not yet adapted well to the “new economy”, and this must happen without delay.
“There are several phenomena that explain why the world is redefining the basic principles of the functioning of the global economy, and the most obvious is the emergence of new technologies. The emergence at the global level of companies that control the digital economy causes very big problems for companies that need to contact suppliers and customers through these platforms, which determines the functioning of the market, ”explained the former minister. “It requires legislative intervention to regulate this issue.”
In an interview with TV ConYur, the former Minister of Economy of Portugal also commented on the impact of Covid-19 and the war in Ukraine on the global economy. There is no small risk that the planet is going through a great recession, which could trigger a wave of company shutdowns in all countries, he said.
The 10th Lisbon Legal Forum was supported by FGV Knowledge, the Brazilian Institute of Insolvency (Ibajud), the Institute for the Reform of State-Company Relations (IREE) and Décio Freire Advogados.
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