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Italy and the first age of globalization, 1861-1940

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  • Harold James

    ()
    (Princeton University)

  • Kevin H. O'Rourke

    ()
    (Trinity College, Dublin)

Abstract

The paper presents trade policy as in line with that of other continental European powers, with a move to moderate levels of tariff protection for politically sensitive sectors such as steel and textiles and clothing, but also in agriculture, with levels of protection falling slightly before the First World War. Monetary policy was similarly driven by the constraints of capital scarcity, and by the political priority attached to reducing the cost of funding government debt. The most innovative area was probably in industrial policy, where after the 1880s and again in the 1930s in response to sever shocks, quite creative institutional policies were adopted. In particular financial restructuring was used as an opportunity to reshape the structure of industry.

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Bibliographic Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Quaderni di storia economica (Economic History Working Papers) with number 16.

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Date of creation: Oct 2011
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Handle: RePEc:bdi:workqs:qse_16

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Keywords: Comparative Economic History; Industrial Policy; Monetary Policy; Monetary Regime; Trade Policy;

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References

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  1. O'Rourke, Kevin H., 1997. "The European Grain Invasion, 1870–1913," The Journal of Economic History, Cambridge University Press, vol. 57(04), pages 775-801, December.
  2. O'Rourke, Kevin H, 1997. "Tariffs and Growth in the Late Nineteenth Century," CEPR Discussion Papers 1700, C.E.P.R. Discussion Papers.
  3. Zamagni, Vera, 1993. "The Economic History of Italy 1860-1990," OUP Catalogue, Oxford University Press, number 9780198287735, September.
  4. Cohen,Jon & Federico,Giovanni, 2001. "The Growth of the Italian Economy, 1820–1960," Cambridge Books, Cambridge University Press, number 9780521666923, April.
  5. Miguel Almunia & Agustín Bénétrix & Barry Eichengreen & Kevin H. O'Rourke & Gisela Rua, 2010. "From Great Depression to Great Credit Crisis: similarities, differences and lessons," Economic Policy, CEPR & CES & MSH, vol. 25, pages 219-265, 04.
  6. Mattesini, Fabrizio & Quintieri, Beniamino, 1997. "Italy and the Great Depression: An Analysis of the Italian Economy, 1929-1936," Explorations in Economic History, Elsevier, vol. 34(3), pages 265-294, July.
  7. Rui Esteves & David Khoudour-Castéras, 2009. "Remittances, Capital Flows and Financial Development during the Mass Migration Period, 1870-1913," Working Papers 2009-12, CEPII research center.
  8. Fenoaltea, Stefano, 1988. "International resource flows and construction movements in the atlantic economy: the kuznets cycle in Italy, 1861–1913," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 605-637, September.
  9. Federico, Giovanni, 1998. "Italy's Late and Unprofitable Forays into Empire," Revista de Historia Económica, Cambridge University Press, vol. 16(01), pages 377-402, March.
  10. Federico, Giovanni & Tena, Antonio, 1998. "Was Italy a protectionist country?," European Review of Economic History, Cambridge University Press, vol. 2(01), pages 73-97, April.
  11. O'Rourke, Kevin H., 2007. "Barry Eichengreen, The European Economy Since 1945: Coordinated Capitalism and Beyond, Princeton University Press (2007)," Journal of International Economics, Elsevier, vol. 73(2), pages 438-441, November.
  12. Federico, G. & O'Rourke, K.H., 1999. "Much Ado About Nothing? Italian Trade Policy in the late 19th Century," Papers 99/18, College Dublin, Department of Political Economy-.
  13. Filippo Cesarano & Giulio Cifarelli & Gianni Toniolo, 2012. "Exchange Rate Regimes and Reserve Policy: The Italian Lira, 1883–1911," Open Economies Review, Springer, vol. 23(2), pages 253-275, April.
  14. Estevadeordal, Antoni, 1997. "Measuring protection in the early twentieth century," European Review of Economic History, Cambridge University Press, vol. 1(01), pages 89-125, April.
  15. Coppa, Frank J., 1970. "The Italian Tariff and the Conflict Between Agriculture and Industry: The Commercial Policy of Liberal Italy, 1860–1922," The Journal of Economic History, Cambridge University Press, vol. 30(04), pages 742-769, December.
  16. Kevin H. O'Rourke & Jeffrey G. Williamson, 2001. "Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650592, December.
  17. Tattara, Giuseppe, 2003. "Paper money but a gold debt: Italy on the gold standard," Explorations in Economic History, Elsevier, vol. 40(2), pages 122-142, April.
  18. James E. Anderson & J. Peter Neary, 2005. "Measuring the Restrictiveness of International Trade Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262012200, December.
  19. Sibylle H. Lehmann & Kevin H. O'Rourke, 2011. "The Structure of Protection and Growth in the Late Nineteenth Century," The Review of Economics and Statistics, MIT Press, vol. 93(2), pages 606-616, May.
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Cited by:
  1. Emanuele Felice & Giovanni Vecchi, 2013. "Italy’s Growth and Decline, 1861-2011," CEIS Research Paper 293, Tor Vergata University, CEIS, revised 11 Oct 2013.
  2. Emanuele Felice & Giovanni Vecchi, 2012. "Italy’s Modern Economic Growth, 1861-2011," Department of Economics University of Siena 663, Department of Economics, University of Siena.
  3. Claire Giordano & Ferdinando Giugliano, 2012. "A Tale of Two Fascisms: Labour Productivity Growth and Competition Policy in Italy, 1911-1951," Quaderni di storia economica (Economic History Working Papers) 28, Bank of Italy, Economic Research and International Relations Area.
  4. Emanuele Felice, 2013. "Regional income inequality in Italy in the long run (1871–2001). Patterns and determinants," UHE Working papers 2013_08, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica.

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