The political economy of neo-liberalism in Italy and France
AbstractThere are many apparent similarities between the current political and economic situations of France and Italy. The mainstream view is that at least part of the neo-liberal strategy could be a solution to the economic problems of both variants of the European model of capitalism. However, the difficulties met by the implementation of these strategies by Sarkozy and Berlusconi lead to believe that the success or failure of neo-liberalisation has less to do with its (lack of) macroeconomic merits than with the stability of the socio-political alliances that support it. In this respect, France and Italy are markedly different. This paper shows that even if the "hard core" of the neoliberal social bloc is roughly the same in both countries, this core constitutes a minority of the electorate ; a neoliberal strategy must therefore rely on an extended social coalition, which might not be similar between countries. The Great Recession revealed part of the structural characteristics that set both countries apart. The aim of this article is to show that the consideration of the different socio-political alliances found in each country can help to understand how Italy and France ended up on different economic trajectories.
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Date of creation: Sep 2011
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Institutions; model of capitalism; neoliberal reforms; political crisis.;
Other versions of this item:
- Bruno Amable & Elvire Guillaud & Stefano Palombarini, 2011. "The political economy of neo-liberalism in Italy and France," Documents de travail du Centre d'Economie de la Sorbonne 11051, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-11-21 (All new papers)
- NEP-HME-2011-11-21 (Heterodox Microeconomics)
- NEP-HPE-2011-11-21 (History & Philosophy of Economics)
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- repec:pse:psecon:2006-37 is not listed on IDEAS
- Elvire Guillaud & Stefano Palombarini, 2006. "Evolution des attentes sociales et comportement électoral : France, 1978-2002," PSE Working Papers halshs-00590295, HAL.
- Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147.
- Madariaga, Aldo, 2013. "Mechanisms of institutional continuity in neoliberal "success stories": Developmental regimes in Chile and Estonia," MPIfG Discussion Paper 13/10, Max Planck Institute for the Study of Societies.
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