□ A research team led by Principal Researcher Jinhyo Yoon at the Division of AI, Big data and Blockchain (ABB), Daegu Gyeongbuk Institute of Science & Technology (DGIST; President Kunwoo Lee) in collaboration with the University of Naples, Italy, and the Queensland University of Technology, Australia has successfully identified clues regarding late capitalism in Milan, Naples and Genoa in Italy. Focused on the ecological crisis, crisis of the care economy, and growth without employment—issues that pose a threat to the sustainability of capitalism—this study analyzed the cases of these cities and proposed new possibilities for today’s capitalism.
□ Today’s capitalism faces serious crises, including increasing environmental pollution, deepening inequality, and decreased employment due to digital transformation. If these issues are not addressed, building a sustainable economic system will not be possible, which could lead to severe social conflicts world. The study conducted proposes a practical urban economic model for overcoming this crisis, offering academic and policy directions in responding to the late capitalist era.
□ Based on in-depth interviews, field observations, and email surveys, the research team analyzed the economic and social structure of Milan, Naples, and Genoa in Italy. The study, conducted in collaboration with researchers from DGIST in Korea, Professors Giovanna Del Gaudio and Valentina Della Corte from the University of Naples in Italy, and Professor Tan Yigitcanlar from the Queensland University of Technology in Australia, employed a multifaceted approach to identify a sustainable economic model in the birthplace of commercial capitalism.
□ The study explored solutions to the three key risks threatening the sustainability of capitalism (ecological crisis, crisis of the care economy, and growth without employment) through the cases of Milan, Naples, and Genoa. The research team identified the following clues to late capitalism found in these cities:
- Milan showed new possibilities for a metropolitan economy by continuing to create jobs through its fashion and design industries, combined with tourism and food.
- Napoli developed an economic model that blends tradition and modernity by maintaining ecological sustainability and a care economy through family businesses and artisan enterprises.
- Genoa demonstrated the potential for industrial transition and innovation by transforming its traditional maritime industry into a tourism and aqua industry.
□ Based on the cases of the cities that served as the starting point for Italian commercial capitalism, the research team suggested clues to achieving ecological sustainability, job creation, and the care economy, which will become specific directions for late capitalism. The findings of this study are expected to serve as an important milestone for major cities in Korea and worldwide, guiding them toward achieving sustainable growth in preparation for the era of late capitalism.
□ Principal Researcher Jinhyo Yoon said, “This study holds significance as it presents a concrete and practical urban economic model that can overcome the crisis of today’s capitalism through international collaboration. The cases of the Italian cities will make important contributions to shaping global urban policies and designing a future economic system.”
□ This study was published in January 2025 in Cities, one of the world’s most prestigious journals in the field of urban studies. The first and corresponding author of this study was Principal Researcher Jinhyo Yoon at DGIST. The co-authors were Senior Research Associate Zhao Xiaofei at DGIST, Professor Valentina Della Corte at the University of Naples, Italy, Professor Yigitcanlar Tan at the Queensland University of Technology, Australia, and Professor Giovanna Del Gaudio at the University of Naples, who was a co-corresponding author.
- Corresponding Author E-mail Address : [email protected]
