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Italy and the first age of Globalization, 1861-1940

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Author Info

  • Harold James

    ()
    (Department of History, Princeton University, Princeton NJ 08544, USA)

  • Kevin H. O’Rourke

    ()
    (All Souls College, University of Oxford, Oxford OX1 4AL, UK)

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 severe 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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File URL: http://www.economics.ox.ac.uk/materials/papers/5678/jamesorourke94.pdf
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Bibliographic Info

Paper provided by Economics Group, Nuffield College, University of Oxford in its series Oxford University Economic and Social History Series with number _094.

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Length: 39 pages
Date of creation: 20 Feb 2012
Date of revision:
Handle: RePEc:nuf:esohwp:_094

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Web page: http://www.nuff.ox.ac.uk/economics/

Related research

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

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References

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  1. Giuseppe Tattara & or consequences), 2002. "Paper Money but a Gold Debt. Italy in the Gold Standard," Economic History 0205002, EconWPA.
  2. 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-.
  3. 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.
  4. Cohen,Jon & Federico,Giovanni, 2001. "The Growth of the Italian Economy, 1820–1960," Cambridge Books, Cambridge University Press, number 9780521661508, October.
  5. 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.
  6. O'Rourke, K, 1997. "The European Grain Invasion 1870-1913," Papers 97/02, College Dublin, Department of Political Economy-.
  7. Esteves, Rui & Khoudour-Castéras, David, 2011. "Remittances, capital flows and financial development during the mass migration period, 1870–1913," European Review of Economic History, Cambridge University Press, vol. 15(03), pages 443-474, December.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. Zamagni, Vera, 1993. "The Economic History of Italy 1860-1990," OUP Catalogue, Oxford University Press, number 9780198287735.
  14. 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.
  15. 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.
  16. 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.
  17. O'Rourke, Kevin H, 1997. "Tariffs and Growth in the Late Nineteenth Century," CEPR Discussion Papers 1700, C.E.P.R. Discussion Papers.
  18. 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.
  19. 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.
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Citations

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Cited by:
  1. 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.
  2. Emanuele Felice & Giovanni Vecchi, 2013. "Italy’s Growth and Decline, 1861-2011," CEIS Research Paper 293, Tor Vergata University, CEIS, revised 11 Oct 2013.
  3. 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.
  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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