From 2nd to 4th February 2024, the Warwick Economics Summit (WES) took place for the 23rd time at the University of Warwick. The summit was opened by none other than Henrik Johnsson, who founded it as a student in January 2002. Today, Johnsson works at Deutsche Bank and is co-Head of European Investment Banking, taking charge of capital markets and industry coverage in Europe. The WES, in turn, has grown to become “Europe’s largest entirely student-run international forum”, according to its own statement.
News and AI - an Insight from the Financial Times
The first speech of the summit “News in the Age of AI: Disruptions, Dangers, Democracy,” held by John Ridding, CEO of the Financial Times, highlighted the critical state for democracy, particularly in the context of the numerous elections the world is facing this year. In regard to that, he pointed out the alarming increase in deep fakes, citing examples from Bangladesh to the Slovakian elections, where manipulated media played a significant role in determining outcomes.
Trust in the media is in decline, reinforced by the shift from print to online and social media platforms, where making money from advertising often comes before honest reporting. Mr. Ridding proposed solutions such as improved personalisation through artificial intelligence and media literacy programmes originating from educational institutions to fight these challenges.
Nevertheless, he remained optimistic about the future of the media, spotlighting the need for a revival of local journalism and sustainable business models to restore the media’s role as a guardian of democracy.
While AI already significantly impacts our world, the food industry, a key global sector, is experiencing a transformative shift: towards sustainability and ethical practices. This shift marks a turning point from animal-based to plant-based products, a trend looked at in the panel discussion “The Future of Food: The Role of Sustainable Proteins in Global Food Reform” held on Saturday. Insights were shared by Jennifer Stojkovic, founder of the Vegan Women Summit; Roman Kriz, CEO of Bene Meat Technologies; and Ed Winters, Harvard Media Fellow, popularly known as @earthlinged on Instagram where he has half a million followers for his vegan advocacy.
Is the Food Industry in Transition?
Despite the shift towards sustainability being driven by increasing consumer preferences, there are still obstacles due to economic and political barriers. The discussion highlighted the essential role of government intervention and strategic planning in encouraging sustainable practices, as well as tackling media that negatively affects public perception. Winters highlighted the media’s inadequate representation of plant-based foods and the need for normalising its consumption. He believes the media should embrace their influential role more responsibly, stressing that “knowledge is power and the more knowledge we have the more power we have as advocates”.
In “Meet the Speakers” sessions at the summit, attendees had the chance to engage with the speakers in a smaller, more personal setting, allowing for direct questions and discussions. In one of these conversations, Ms. Stojkovic shared her insights on the lack of nutritional education among medical professionals. She pointed out that medical staff typically receive less than 40 hours of training in nutrition – essential to avoid spreading misinformation about the consumption of vegan food.
Ms. Stojkovic also brought attention to a critical issue of gender inequality within the food industry, pointing out the imbalance between the gender roles of food preparation, predominantly undertaken by women, and the decision-making positions in the food market, which are mainly occupied by men. This discrepancy highlights a significant concern within the sector.
Towards a Fairer Future
Vjosa Osmani, President of Kosovo, who opened the WES on Sunday, spoke on a video address about how important it is for the world to treat men and women equally. She pointed out a big issue that people often don’t notice: treating men and women equally is not just the right thing to do, but it also makes economic sense. When women and men have equal chances in education, healthcare, work, and politics, economies grow faster and everyone benefits more. This idea is supported by data from all over the world and “it’s about fairness, too”. Making sure men and women have the same chances to succeed is about justice and helping everyone reach their potential. President Osmani also highlighted that the lack of good data on women’s lives and needs is a big problem. This “gender data gap” makes it hard to make fair and effective decisions. She called for changes in how we think about work and value, and for policies that help women balance work and family life, like flexible work hours, good parental leave, and affordable childcare.
Wrapping up WES2024
Although this is only a small selection of the speakers and panels at WES 2024, other notable talks and panels included Mario Centeno of the Bank of Portugal and Dr. Ulrich Bez, ex-CEO of Aston Martin. The summit also featured a de-dollarisation debate and a monetary policy panel. This panel included the Financial Times Frankfurt Bureau Chief and central bank representatives from North Macedonia, Croatia, Mauritius, and the former governor of the Malaysian Central Bank as well as an Emeritus Professor in the Financial Markets Group.
From the threats posed by AI-generated fake news and its impact on democracy to the important shift towards sustainability in the food sector, highlighted by the arguments in favour of plant-based diets and ethical consumption, the Warwick Economics Summit raised awareness and stimulated discussion of the contemporary challenges and opportunities. The Summit also shed light on the critical issue of gender inequality, not just in the food sector but as a wider societal issue, and looked at the need for inclusive data and policy-making. Experts shared their knowledge, and people actively participated, showing the Summit’s dedication to having deep conversations and taking action on big world problems.
