Emilio Ontiveros – Biography, who he is and what he did | 2021

Emilio Ontiveros (1948-2022) President of International Financial Analysts and Professor of Business Economics. He was a Spanish economist characterized by his informative style and by a practical vision of the Economy that did not neglect theory.

Author of various books and articles, he was a regular economist in the media. In addition to being a teacher and researcher, he developed his career in the world of economic, financial and technological consulting, directing International Financial Analysts.

Within the framework of his professional life he not only worked in the private sector. He also provided services for various organizations and public administrations as an economic advisor.

Ontiveros was a fervent defender of the diffusion of financial culture. He considered that society should have an economic training that would allow it to function with critical and analytical skills. Thus, Emilio Ontiveros considered training as a decisive factor for growth.

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Among the numerous economic issues that he addressed, he analyzed in depth inequality, the welfare state, the formation of the population, threats to the economy, international monetary relations and the economy and the evolution of new technologies.

What were the risks for the global economy according to Emilio Ontiveros?

One of the great threats to the global economy, according to Ontiveros, was the strong dependence of the European economies on exports. This put their value chains at risk.

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No less important, he considered that it was the challenge posed by new technologies and digitization. In fact, Ontiveros also worried about its impact on employment and wages. Likewise, he considered the collaborative economy platforms, virtual currencies, wage inequality and the welfare state to be relevant challenges.

Regarding the economic balance and world power, he paid special attention to the role of emerging economies such as Brazil, Russia, India, China and South Africa, with an increasingly relevant role in the face of a Trump that weakened Western unity. Also at the macroeconomic level, he analyzed the evolution of poverty reduction and the growing instability in labor matters.

From the point of view of the financial sector, he advocated greater regulation. He considered that the concentration of business power was detrimental to the proper functioning of the markets.

A major threat pending resolution, according to Ontiveros, is the so-called tax avoidance. Thus, Emilio Ontiveros warned of the problems that countries with low tax levels, double taxation, tax deductions or subsidiaries and the tax treatment of their benefits may entail. All this without neglecting the terribly detrimental effect that corruption has on the economy as a whole.

Sustainability and the environment were not minor issues for Emilio Ontiveros. In this sense, he proposed an economy that is more respectful of the environment. Especially with regard to polluting emissions, as he also considered relevant the introduction of environmental issues in financial and tax aspects. Along with the ecological challenge, he also valued the evolution of demography and its consequences on the economy.

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Digitization, work and well-being

One of the great effects of the introduction of new machinery and digitization is the destruction of employment. Thus, workers are replaced by machines while there is a fall in wages.

Despite the fact that technological progress in the short term can generate some job destruction, Emilio Ontiveros considered that the net balance is favorable, since it has brought with it more prosperity than detrimental effects.

Emilio Ontiveros maintained that digitization improved productivity, improved communication and made it possible to speed up numerous work processes. However, he also pointed out that the arrival of new technologies could also generate some anxiety among the population, which could show concern about the loss of employment, especially in the manufacturing sector.

Regarding work and its organization, for Ontiveros the changes not only occurred in the development of the work itself, but also in the way in which it was organized. Ontiveros observes that many business functions are outsourced, while the organization of production tasks allows greater supervision of work thanks to digital technology.

Emilio Ontiveros also stated that the relations between company and worker have changed, leading to greater flexibility. In this sense, self-employment, project work and subcontracting are becoming increasingly important.

From the point of view of wages and the welfare state, he argued that wage weakness has increased since the great recession of 2008, increasing inequality between incomes.

In relation to work, he considered training to be a decisive element, since it prevented workers’ knowledge from becoming obsolete, and in the event of frictional unemployment, it allowed them to get a job quickly.

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However, one aspect of digitization to be valued, with less importance of the labor factor, could lead to less importance of employees when it comes to generating income. This situation could negatively affect the financing of the welfare state through taxes and social contributions.

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