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Italy has never grown

I'm reading, or rather devouring the book "One hundred thousand pinpricks" by Federico Rampini and Carlo de Benedetti.

The book combines the world economic policy / Italian and new mechanisms explaining economy, speculators and home banking systems.

In particular I was attracted by a short chapter that speaks of economic growth with references to Italian politics and the various historical periods.
In this chapter, I concluded a fact, disturbing and depressing. Italy has never grown for excellence.

I mean, after the Second World War, Italy was completely destroyed. The reconstruction brought the beautiful country to grow much, much more than any other European state.

During the 60s, Italy began to experience a period of strong growth in exports thanks to unrivaled production capabilities, lower wages than the rest of western world and low cost of oil.
Unfortunately, during the '70s began the problems.
The reform of trade union work and achievements led to a 25% increase in labor costs.
burst then a war between Egypt and Syria on the one hand and Israel on the other. Israel, which was already a great power, was winning easily when the OPEC countries to help Egypt and Syria, began to sip the production of crude oil bringing the price from 2 to 12 dollars a barrel.
The increase in salaries and increased direct and indirect costs resulting ten times the oil economy turned in a loss of competitiveness.

to lift the economy policy then cleverly decided to resort to devaluation of the Lira. As a currency is devalued? Issuing another. As you issue another currency? Issuing public debt securities. The disgraced
Lira against other currencies benefit the Italian companies invigorated the newfound competitiveness abroad starting to grow dramatically.
Thus begins the exponential growth of public debt.

Whenever there was need to regain the export competetività enough to devalue the currency to sell in America, France and Germany.

pity that the great economists had not realized the seriousness of money that the disgraced and the uncontrolled growth public debt would cause.

In light of the facts above shows one important thing. The Italian economy has never grown up without government support. The GDP grew in the postwar period through reconstruction and the following decades, thanks to currency depreciation. The gains of business then we are slowing down now. Economic policies aimed to regain competitive in the medium to long term, we would have saved part of the current disastrous situation.


Luke Purse, an Italian