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Institutions, Politics and the Corporate Economy

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  • Andrea Colli

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  • Alberto Rinaldi

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Abstract

Over the century and a half since its unification, Italy caught up with the most advanced economies. Such a result was achieved in the presence of an industrial structure which is in many respects unique in international perspective and characterized by a dominance of small firms and a marginal role of large firms. In the last twenty years, however, this pattern seems to have come to a halt. In this paper we explore the determinants of such a dynamic in the long run. The focus will be on the role played by institutions in forging an array of industrial policies in place over the last 150 years which determined the process of convergence and, more recently, of divergence in big business, and the outstanding, constant presence of a small business sector far beyond the average of the most advanced countries among which Italy is still considered to be.

Suggested Citation

  • Andrea Colli & Alberto Rinaldi, 2012. "Institutions, Politics and the Corporate Economy," Department of Economics University of Siena 664, Department of Economics, University of Siena.
    • Handle: RePEc:usi:wpaper:664
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    File URL: http://repec.deps.unisi.it/quaderni/664.pdf
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    References listed on IDEAS

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    1. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    2. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    3. Giuseppe Longoni & Alberto Rinaldi, 2007. "Industrial Policy and Artisan Firms in Italy 1945-1971," Department of Economics 0566, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
    4. Nuvolari, Alessandro & Vasta, Michelangelo, 2015. "The Ghost in the Attic? The Italian National Innovation System in Historical Perspective, 1861–2011," Enterprise & Society, Cambridge University Press, vol. 16(02), pages 270-290, June.
    5. Felice, Emanuele & Vecchi, Giovanni, 2015. "Italy’s Modern Economic Growth, 1861–2011," Enterprise & Society, Cambridge University Press, vol. 16(02), pages 225-248, June.
    6. Alberto Rinaldi, 2005. "The Emilian Model Revisited: Twenty Years After," Business History, Taylor & Francis Journals, vol. 47(2), pages 244-266.
    7. Fabio Sforzi, 2009. "The Empirical Evidence of Industrial Districts in Italy," Chapters,in: A Handbook of Industrial Districts, chapter 25 Edward Elgar Publishing.
    8. Brusco, Sebastiano, 1982. "The Emilian Model: Productive Decentralisation and Social Integration," Cambridge Journal of Economics, Oxford University Press, vol. 6(2), pages 167-184, June.
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    Cited by:

    1. 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.
    2. Paolo DI Martino & Michelangelo Vasta, 2014. "Discovering the dark heart of Italian capitalism: a perspective from Supreme Court legal cases and business consultants’ analyses (1950s-1970s)," Department of Economics University of Siena 698, Department of Economics, University of Siena.
    3. repec:oup:indcch:v:27:y:2018:i:3:p:425-447. is not listed on IDEAS
    4. Alberto Rinaldi & Giulia Tagliazucchi, 2018. "Women Entrepreneurs in Italy: A Prosopographic Study," Department of Economics 0129, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".

    More about this item

    Keywords

    Italy; big business; small firms; industrial policy; institutions;

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • N8 - Economic History - - Micro-Business History

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