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Financing Industrialization in Italy, 1894–1914: The Partial Transformation of a Late-Comer


  • Cohen, Jon S.


Italy's rapid industrial growth, which began in the mid-1890's, was preceded and accompanied by important developments in her financial institutions, including in particular the establishment of several industrial credit banks on the German model. The role of such banks in French and German industrial growth before 1914 has been the subject of considerable study. It is the purpose of this article to examine the effects of these banks on the rate and direction of Italian development between 1894 and 1914, and to consider the relation between their near-monopoly of industrial credit and the emergence of concentration of ownership and control in the new and rapidly growing sectors of the industrial structure.

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  • Cohen, Jon S., 1967. "Financing Industrialization in Italy, 1894–1914: The Partial Transformation of a Late-Comer," The Journal of Economic History, Cambridge University Press, vol. 27(3), pages 363-382, September.
  • Handle: RePEc:cup:jechis:v:27:y:1967:i:03:p:363-382_06

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    Cited by:

    1. Da Rin, Marco & Hellmann, Thomas, 2002. "Banks as Catalysts for Industrialization," Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 366-397, October.
    2. Michelangelo Vasta & Carlo Drago & Roberto Ricciuti & Alberto Rinaldi, 2017. "Reassessing the bank–industry relationship in Italy, 1913–1936: a counterfactual analysis," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 11(2), pages 183-216, May.
    3. Fohlin, Caroline, 1999. "Universal Banking in Pre-World War I Germany: Model or Myth?," Explorations in Economic History, Elsevier, vol. 36(4), pages 305-343, October.
    4. Carlo Brambilla & Giandomenico Piluso, 2007. "Are banks procyclical? Evidence from the Italian case, 1896-1975," Working Papers 7023, Economic History Society.

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