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Virtuous and Vicious Circles: Lessons for Current European Policies from Italian Post-War Development

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  • Gioacchino Garofoli

Abstract

The paper deals with the Italian economic development, explaining the main features and the crucial variables in the long-term transformation process. The Italian economy has been analysed taking into account the different and changing international rules in medium and long-term to understand their role on the development strategies and on the changing competitive position of the country. The comparative international analysis on selected crucial variables shows some contradictions between expectations and effective outcomes of changing institutional rules and introduced economic policies. This underlines both the emergence of unexpected trajectories and economic performances and the lasting of structural differences among European countries. The selection of consistent economic policies in Europe, then, should take into account these phenomena. The paper underlines the crucial role of long-term economic analysis to fully understand not only the crucial structural variables but even opportunities and challenges for strategic decisions in the current economic crisis.

Suggested Citation

  • Gioacchino Garofoli, 2017. "Virtuous and Vicious Circles: Lessons for Current European Policies from Italian Post-War Development," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 14(1), pages 39-58, June.
    • Handle: RePEc:liu:liucej:v:14:y:2017:i:1:p:39-58
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    References listed on IDEAS

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    5. Christos N. Pitelis, 2012. "On PIIGs, GAFFs, And BRICs: An Insider-Outsider's Perspective on Structural and Institutional Foundations of the Greek Crisis," Contributions to Political Economy, Cambridge Political Economy Society, vol. 31(1), pages 77-89.
    6. Yanis Varoufakis & Stuart Holland, 2011. "A Modest Proposal for Overcoming the Euro Crisis," Economics Policy Note Archive 11-03, Levy Economics Institute.
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    More about this item

    Keywords

    Italian economic development; the role of investment; income distribution; employment rate; comparative economic transformation; developmental industrial policies; European economic policies;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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