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Italy’s Modern Economic Growth, 1861-2011

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  • Emanuele Felice

    ()

  • Giovanni Vecchi

    ()

Abstract

By making the most of a newly-available large set of historical statistics, the paper outlines the main features of Italy’s modern economic growth from unification (1861) until the present day (2011). Alongside national GDP estimates, regional inequality, living standards and inequality of personal income distribution are also discussed. Over the long run, Italy successfully caught up with the most advanced economies, and did so in a virtuous manner: while the regional imbalance persisted, at the national level economic growth was accompanied by a secular decline in income inequality. This pattern has come to a halt: during the last two decades, stagnation in GDP per capita has been mirrored by an unprecedented decline in productivity; southern regions have further lagged behind the rest of the country, and income inequality is on the rise. Italy has entered a phase of rapid relative economic decline.

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Bibliographic Info

Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 663.

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Date of creation: Nov 2012
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Handle: RePEc:usi:wpaper:663

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Keywords: GDP; productivity; modern economic growth; living standards; inequality; poverty;

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References

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Citations

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Cited by:
  1. Emanuele Felice & Michelangelo Vasta, 2012. "Passive Modernization? The New Human Development Index and Its Components in Italy’s Regions (1871-2007)," UHE Working papers 2012_10, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica.
  2. Emanuele Felice & Josep Pujol Andreu, 2013. "GDP and life expectancy in Italy and Spain over the long-run (1861-2008): insights from a time-series approach," UHE Working papers 2013_06, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica.
  3. Andrea Colli & Alberto Rinaldi, 2012. "Institutions, Politics and the Corporate Economy," Department of Economics University of Siena 664, Department of Economics, University of Siena.
  4. Paolo Di Martino & Michelangelo Vasta, 2012. "Happy 150th Birthday Italy? Institutions and Economic Performance Since 1861," Department of Economics University of Siena 662, Department of Economics, University of Siena.

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