The legacies of two great civilizations--the Roman Empire and Renaissance city-states--are still apparent in today's Italian economy in its internationalization, strong regional cultures, tourism, and arts industries. Less appreciated is the country's status as continental Europe's second-largest industrial power, notwithstanding the disproportionate significance of SMEs in Italy. Vera Zamagni's survey of the Italian economy and its modern history outlines its unique shape and structure and how human factors explain its strengths in social networks, "niche capitalism," and well-being indicators, as well as its weaknesses reflected in regional imbalances, political instability, and recently in banking. Focusing on economic developments since 1945, Zamagni explains how the contemporary economy is the result of the contours of this longer history, of the country's geography--low on natural resources but blessed with good weather and shipping opportunities--and more recent factors such as the country's membership in the EU and the changing profile of Italian demography and the country's surprisingly measured response to the challenges of migration. Drawing upon both conventional and heterodox approaches, the book concludes with an assessment of the prospects for the Italian economy. The book provides a concise overview of value for students in politics, political economy, history, and economics and for professionals looking to understand the nature of recent Italian economic performance.

A brief, up-to-date account of Italy's transformation from an agrarian state to an industrial powerhouse.

This Oxford Handbook provides a fresh overall view and interpretation of the modern economic growth of one of the largest European countries, whose economic history is less known internationally than that of other comparably large and successful economies. It will provide, for the first time, a comprehensive, quantitative "new economic history" of Italy. The handbook offers an interpretation of the main successes and failures of the Italian economy at a macro level, the research--conducted by a large international team of scholars --contains entirely new quantitative results and interpretations, spanning the entire 150-year period since the unification of Italy, on a large number of issues. By providing a comprehensive view of the successes and failures of Italian firms, workers, and policy makers in responding to the challenges of the international business cycle, the book crucially shapes relevant questions on the reasons for the current unsatisfactory response of the Italian economy to the ongoing "second globalization." Most chapters of the handbook are co-authored by both an Italian and a foreign scholar.

Italy is a country of recent decline and long-standing idiosyncratic traits. A rich society served by an advanced manufacturing economy, where the rule of law is weak and political accountability low, it has long been in downward spiral alimented by corruption and clientelism. From this spiral has emerged an equilibrium as consistent as it is inefficient, that raises serious obstacles to economic and democratic development. The Political Economy of Italy's Decline explains the causes of Italy's downward trajectory, and explains how the country can shift to a fairer and more efficient system. Analysing both political economic literature and the history of Italy from 1861 onwards, The Political Economy of Italy's Decline argues that the deeper roots of the decline lie in the political economy of growth. It places emphasis on the country's convergence to the productivity frontier and the evolution of its social order and institutions to illuminate the origins and evolution of the current constraints to growth, using institutional economics and Schumpeterian growth theory to support its findings. It analyses two alternative reactions to the insufficient provision of public goods: an opportunistic one- employing tax evasion, corruption, or clientelism as means to appropriate private Goods- and one based on enforcing political accountability. From the perspective of ordinary citizens and firms such social dilemmas can typically be modelled as coordination games, which have multiple equilibria. Self-interested rationality can thus lead to a spiral, in which several mutually reinforcing vicious circles lead society onto an inefficient equilibrium characterized by low political accountability and weak rule of law. The Political Economy of Italy's Decline follows the gradual setting in of this spiral as it identifys the deeper causes of Italy's decline.

The Spanish economy entered a deep recession in 2020 due to the COVID-19 pandemic. A strong government response has protected jobs and firms. However, the crisis has exacerbated long-standing structural challenges, such as high unemployment, inequalities and regional disparities.

Drawing on a wide range of literature and adopting a macroeconomic approach, this book provides a comprehensive overview of the Italian economy during the Renaissance, focusing on the period between 1348, the year of the Black Death, and 1630. The Italian Renaissance played a crucial role in the formation of the modern world, with developments in culture, art, politics, philosophy, and science sitting alongside, and overlapping with, significant changes in production, forms of organization, trades, finance, agriculture, and population. Yet, it is usually argued that splendour in culture coexisted with economic depression and that the modernity of Renaissance culture coincided with an epoch of epidemics, famines, economic crisis, poverty, and destitution. This book examines both faces of the Italian economy during the Renaissance, showing that capital per worker was plentiful and productive capacity and incomes were relatively high. The endemic presence of the plague, curbing population growth, played an important role in this. It is also shown that the organization of production in industry and finance, consumerism, human capital, and mercantile rationality were the forerunners of modern-day capitalism. This book is an invaluable resource for scholars and students of the Renaissance and Italian economic history.