https://doi.org/10.4081/ilpolitico.2019.245
THE ITALIAN ECONOMY AND THE FRACTURES OF GLOBALIZATION
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The paper presents a synthetic reconstruction of the main steps of the globalization process and the Italian economy from the end of the Second World War to today. Regarding the international scenario, two clear fractures are identified: the end of the "Golden Age" with the dollar crisis of August 1971 and the oil shock of 1973; the financial crisis of 2007-2008, due to the accumulation of serious macroeconomic imbalances during the years of the so-called "Great Moderation". These two fractures find clear correspondence in two analogous fractures in the Italian economic development. Italy, however, exhibits a third intermediate fracture with the lira crisis of August 1992 related to specific domestic weaknesses; a watershed for Italian economic policy. Today, tensions in the international trade relationships, and populist impulses in the advanced countries, testify that the 2008 crisis is far from being recomposed in its determinants. The paper proposes a suggestion: underlying the economic dynamics of the last 75 years there is an unresolved relationship between capitalist economic growth and expansion of democracy at domestic and international level.
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