The flawed renaissance. (Survey of the Italian Economy)
Economist (US), The, February, 1988 by Woodall, Pam
ACCORDING to conventional wisdom, the Italian economy, like the leaning tower of Pisa, should have toppled over long ago. The country has a huge budget deficit, high tax rates, tightly regulated labour markets and a notoriously unstable political system. In the 1970s Italy came perilously close to collapse as it was swept by rampant inflation, bitter industrial unrest and a wave of bloody terrorism. Yet during the past couple of years Italians have been talking of a "second renaissance".
Italy has had the fastest rate of growth of the big four European economies during the past decade-yes, even faster than Margaret Thatcher's Britain if one takes the full period of her office from 1979. By some measures of GDP, Italy is now the fourth biggest capitalist...
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