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Magazine article (E&M - 2019/2) Amatori Franco

The Long Autumn in Italy’s History

In the 1970s, Italy lived through an unprecedented cycle of labor conflict, that started with the Fiat strike in September 1969, and ended with the “March of 40,000” in Turin in October 1980.#The dynamics of industrial relations in Italy had previously seen moments of particularly strong conflict which had been followed by a retreat of the unions: the occupation of the Red Biennial (1919-1920), ...

Magazine article (E&M - 2019/4) Andrea Giuntini

A Historical Perspective for the Present

Between resounding failures and unexpected successes, during the last century and a half the Italian infrastructure system has represented the modern backbone of the country. The construction of infrastructure networks has, however, lacked an overall vision and unity of intent and organic character, such that the networks were developed outside of any planning logic and were formed mostly independent ...

Magazine article (E&M - 2020/1) Amatori Franco

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 ...

Magazine article (E&M - 2020/1) Reviglio Edoardo

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 ...

Magazine article (E&M - 2020/1) Paolazzi Luca

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 ...

Magazine article (E&M - 2020/1) Giavazzi Francesco

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 ...

Magazine article (E&M - 2021/2) Amatori Franco

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 ...

Magazine article (E&M - 2021/2) Artoni Roberto

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 ...