CHAPTER 1

Italian Economy and Governance Model from a Global Perspective

A Historical Overview of the Italian Economy

Before the 20th century, the Italian economic system was mainly rural and the industrialization process was limited to the North of the country and to some industries (above all the mechanical and the textile). At the beginning of the 20th century, Italian economy joins the second industrial revolution, thanks to the important role played by the State that controls a number of companies operating in key industries such as public utilities, steel, insurance, and banking. In the first decades of the 20th century, two subjects, that is state-owned companies and large universal banks (e.g., Banca Commerciale Italiana, Credito Italiano, ...

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