The Oxford Handbook of the Italian Economy Since Unification (Oxford Handbooks)

## Abstract A new economic history of Italy since the country's political unification in 1861. New data and interpretations by leading international economic historians and brilliant young Italian economists to reconsider the relatively little-known story of a latecomer to "modern economic growth", who rapidly caught up with the advanced Western countries. Fresh research includes: a new set of national accounts covering the entire period 1861-2011, standard of living indicators (including income distribution from the late nineteenth century onward), productivity levels and growth rates, human and social capital, migrations, real exchange rates and changes in comparative advantages, firm size, patents, the evolution of public debt, measures and explanations of the regional divide, the allocation of credit, and data on the changing efficiency of the administrative system. The book takes a strong comparative stance to illuminate the traits of Italy's growth pattern that are common to the Western experience of "modern economic growth" and those that are idiosyncratic to the Peninsula, as well as to see how and when this medium-sized open economy successfully rode the expansionary waves of the world economy. In this vein, the book explains the rapid catch-up growth during both the pre-1914 first globalization and the second post-war "golden age" of Western capitalism, as well as the less satisfactory performances in the first decades after unification and during the recent "second globalization". 'the Oxford Handbook Of The Italian Economy Since Unification' Provides, For The First Time, A Comprehensive, Quantitative 'new Economic History' Of Italy. Foreword / Mario Draghi And Ignazio Visco -- Part I: Aggregate Growth And Policy. An Overview Of Italy's Economic Growth / Gianni Toniolo -- Italy And The First Age Of Globalization, 1861-1940 / Harold James And Kevin H. O'rourke -- The Golden Age And The Second Globalization In Italy / Nicholas Crafts And Marco Magnani -- Italy, Germany, And Japan : From Economic Miracles To Virtual Stagnation / Andrea Boltho -- The Italian Economy Seen From Abroad / Marcello De Cecco -- Part Ii: Sources Of Growth And Welfare. National Accounts, 1861-2011 / Alberto Baffigi -- Productivity / Stephen N. Broadberry, Claire Giordano, And Francesco.zollino -- Standards Of Living / Andrea Brandolini And Giovanni Vecchi -- Human Capital / Giuseppe Bertola And Paolo Sestito -- Migrations / Matteo Gomellini And Cormac Ó. Gráda -- Democratization And Civic Capital / Luigi Guiso And Paolo Pinotti --^ Part Iii: International Competitiveness. A Long-run Perspective On Comparative Advantage / Giovanni Federico And Nikolaus Wolf -- Real Exchange Rates, Trade, And Growth / Virginia Di Nino, Barry Eichengreen, And Massimo Sbracia -- Innovation And Foreign Technology / Federico Barbiellini Amidei, John Cantwell, And Anna Spadavecchia -- Old And New Italian Manufacturing Multinational Firms / Fabrizio Onida, Giuseppe Berta, And Mario Perugini -- Part Iv. Firms, Banks, And The State. Techonology, Firm Size And Entrepreneurship / Franco Amatori, Matteo Bugamelli, And Andrea Colli -- Resource Allocation By The Banking System / Stefano Battilossi, Alfredo Gigliobianco, And Giuseppe Marinelli -- Public Debt And Economic Growth : Italy's First 150 Years / Fabrizio Balassone, Maura Francese, And Angelo Pace -- Why The Italian Administrative System Is A Source Of Competitive Disadvantage / Magda Bianco And Giulio Napolitano --^ Regional Convergence / Giovanni Iuzzolino, Guido Pellegrini, And Gianfranco Viesti -- Regional Disparities : Internal Geography And External Trade / Brian A'hearn And Anthony J. Venables -- Data Appendix : Italy's National Accounts (1861-2010) / Alberto Baffigi, Stephen N. Broadberry, Claire Giordano, And Francesco Zollino. Edited By Gianni Toniolo. Includes Bibliographical References And Index. Foreword Map: Italy, 1861 Map: Italy, present day Italy and the world economy, 1861-2011 / G. Toniolo The first globalization and its backlash / H. James, K. O'Rourke The golden age and the second globalization / N. Crafts, M. Magnani Italy, Germany, and Japan, 1945-2010 / A. Boltho The Italian economy seen from abroad / M. de Cecco National accounts / A. Baffigi Productivity / S. Broadberry, C. Giordano, F.Zollino Standards of living / A. Brandolini, G. Vecchi Human capital / G. Bertola, P. Sestito Migrations / M. Gomellini, C. O. Grada Social capital / L. Guiso, P. Pinotti Comparative advantages / G. Federico, N. Wolf Real exchange rates, trade, and growth / V. Di Nino, B. Eichengreen, M. Sbracia Innovation and foreign technology / F. Barbiellini Amidei, J. Cantwell, A. Spadavecchia The internationalization of the firm / G. Berta, F. Onida, M. Perugini Techonology, firm size & entrepreneurship / F. Amatori, M. Bugamelli, A. Colli Resource allocation by the banking system / S. Battilossi, A. Gigliobianco, G. Marinelli Public debt and economic growth : Italy's first 150 years / F. Balassone, M. Francese, A. Pace The administrative system / M. Bianco, G. Napolitano Regional convergence / G. Iuzzolino, G. Pellegrini, G. Viesti Regional disparities : internal geography and external trade / B. A'Hearn, A. Venables Data appendix : Italy's national accounts (1861-2010) / Alberto Baffigi, Stephen N. Broadberry, Claire Giordano, and Francesco Zollino Index. This Oxford Handbook provides a fresh overall view and interpretation of the modern economic growth of one of the largest European countries, whose economic history is less known internationally than that of other comparably large and successful economies. It will provide, for the first time, a comprehensive, quantitative "new economic history" of Italy. The handbook offers an interpretation of the main successes and failures of the Italian economy at a macro level, the research--conducted by a large international team of scholars --contains entirely new quantitative results and interpretations, spanning the entire 150-year period since the unification of Italy, on a large number of issues. By providing a comprehensive view of the successes and failures of Italian firms, workers, and policy makers in responding to the challenges of the international business cycle, the book crucially shapes relevant questions on the reasons for the current unsatisfactory response of the Italian economy to the ongoing "second globalization." Most chapters of the handbook are co-authored by both an Italian and a foreign scholar.