Italy and the First Age of Globalization, 1861-1940

39 Pages Posted: 25 Mar 2013

See all articles by Harold James

Harold James

Princeton University - Department of History; National Bureau of Economic Research (NBER)

Kevin H. O'Rourke

University of Dublin, Trinity College; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Date Written: October 25, 2011

Abstract

The paper presents trade policy as in line with that of other continental European powers, with a move to moderate levels of tariff protection for politically sensitive sectors such as steel and textiles and clothing, but also in agriculture, with levels of protection falling slightly before the First World War. Monetary policy was similarly driven by the constraints of capital scarcity, and by the political priority attached to reducing the cost of funding government debt. The most innovative area was probably in industrial policy, where after the 1880s and again in the 1930s in response to sever shocks, quite creative institutional policies were adopted. In particular financial restructuring was used as an opportunity to reshape the structure of industry.

Keywords: comparative economic history, industrial policy, monetary policy, monetary regime, trade policy

JEL Classification: N23, N24, N73, N74

Suggested Citation

James, Harold and O'Rourke, Kevin H., Italy and the First Age of Globalization, 1861-1940 (October 25, 2011). Bank of Italy Economic History Working Paper No. 16, Available at SSRN: https://ssrn.com/abstract=2238016 or http://dx.doi.org/10.2139/ssrn.2238016

Harold James

Princeton University - Department of History ( email )

Princeton, NJ 08544
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Kevin H. O'Rourke (Contact Author)

University of Dublin, Trinity College ( email )

Department of Economics
Dublin 2
Ireland
+353 1 608 3594 (Phone)
+353 1 677 2503 (Fax)

HOME PAGE: http://econserv2.bess.tcd.ie/korourke/homepage.htm

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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