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Searching for European Capitalism
Contractual cooperation, family management of businesses, the entrepreneurial state and the presence of a labor movement with a leading role in political and social life; these are the four pillars of European capitalism, the common denominators of certain importance. However, after the mid-20th Century, they were overwhelmed by three waves: the Americanization resulting from the Marshall Plan, the ...
The Virtues of the Social Market Economy
At the end of the Second World War, the attempts by the United States to export its model of capitalism to Europe ran up against the economic and social structures present in the countries of the Old Continent. However, following the crisis of the 1970s and the start of the process of privatization, a deep Americanization of European capitalism began, initially led by merchant banks and consulting ...
European Diversity Without Unity
A clear distinction exists between the U.S. and Europe: while the former is a nation, the latter is a sum of many nations, even larger than the number of states of which it consists. This heterogeneity, especially at a cultural level, makes it hard to speak of a single European capitalism, with unique and similar characteristics. There are actually different types, strongly rooted in the cultural ...
The Return of the State? It Depends
The financial crisis of 2008-2009 did not lead to a return of the state in the economy, but to a liquidity crisis. In Europe, this was less acute than in the United States, where for example the Troubled Assets Relief Program (TARP) avoided bankruptcies, but did not solve the underlying problems, such as those of the three large automotive companies (General Motors, Chrysler, and Ford), which suffered ...
Nationalizations and Privatizations from a Historical Perspective
In Italy, the mixture between public and private has been an unavoidable characteristic in the nation's path of economic modernization. Between the nineteenth and twentieth centuries, state initiative gave concrete form to the unification of the country, providing indispensible infrastructure. The companies in the IRI group were then the protagonists of the "economic miracle," in which the attitude ...
Banks and Markets: Why They are Tools of Economic Policy
Markets and financial investments play a decisive role in favoring growth, that economic policy choices must permanently encourage. First of all, it is necessary to promote the use of the financial market and investor interventions (private equity, venture capital, PIR, ELTIF) in support of business equity.#Any public interventions in the economy must always have an explicit timeframe and a logic ...
The Bumpy Road of the Exit from the Mixed Economy
The divestment of the companies held by IRI did not require any additional intervention in terms of public finance, demonstrating their evident condition of good health. The privatizations were also driven by an essentially financial logic: the state sought high and immediate financial proceeds, but often without an in-depth evaluation of the quality of the buyers or the consequences of the divestments ...