The structure of Italian capitalism, 1952-1972: New evidence using the interlocking directorates technique
AbstractThe paper explores the structure of the Italian capitalsitic system by focusing on the relationships between financial - banks, insurances and holdings - and industrial firms in Italy during the period 1952-72 through the analysis of the interlocks that existed between them. By an interlock is meant the link created between two firms when an induvidual belongs to the board of directors of both. The analysis is based on a database - Imita.db - containing data on over 300,000 directors of Italian joint stock companies for the years 1952, 1960 and 1972. After showing a descriptive statistics of the firms and the directors included in the database, the paper develops a network connectivity analysis of the system. This is integrated by a prosopographic study about the big linkers, defined as those directors cumulating the ighest number of offices in each benchmark year. The paper confirms that Italian capitalism maintained substantial peculiarities in the period investigated. In particular, it argues that interlocks played an important role in guaranteeing the stability of the positions of control of the major private firms and their connections with State-owned firms. In 1952 and 1960, the system, centred on the larger electrical companies, showed the highest degree of cohesiveness. That centre dissolved after the nationalisation of the electricity industry in 1962 and was replaced by a less strong and cohesive one, hinged on banks and insurances.
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Bibliographic InfoPaper provided by University of Modena and Reggio E., Faculty of Economics "Marco Biagi" in its series Department of Economics with number 0426.
Length: pages 37
Date of creation: Jan 2003
Date of revision:
Publication status: Published in Financial History Review, vol, 12, 2, pp. 173-198 (2005)
Italian capitalism; Interlocking directorates; Big linkers; Financial firms; Industrial firms;
Find related papers by JEL classification:
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
- P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
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- Alberto Baccini & Leonardo Marroni, 2013. "In the shadow of the interlocking directorates regulation. A comparative case study," Department of Economics University of Siena 683, Department of Economics, University of Siena.
- Maria Rosaria Carillo & Vincenzo Lombardo & Alberto Zazzaro, 2013. "Family connections and entrepreneurial human capital: The uncertain destiny of proprietary capitalism," Mo.Fi.R. Working Papers 89, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
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