10-27-09 - HUI 239 Lecture 10/27/09 Italys wealth is above...

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HUI 239 Lecture 10/27/09 Italy’s wealth is ‘above ground’ – agriculture, etc. In 1978, Italy surpassed England in economic power. Italy had become the 5 th economic power in the world. o Italy has a transformational economy . Imports raw material, processes it, and exports. Economy had to rely on a ‘white market’ (European Common Market – Treaty of Rome, 1957) Three important dualities: o Geography – prosperous North (today, Northeast Italy); poor, underdeveloped South – there is a wide gap economically. o Private and Public sectors; there was a large public sector owned by the state o Small, family owned industries very important (esp. in 1980s) – controlled the majority of the economy. IRI included many industries and was a huge sector. Founded by Mussolini, it was supposed to be a temporary measure to prevent the collapse of the Italian industry. After the war, several banks in Italy were owned by IRI. After WWII, IRI was not dismantled, but became larger. Because of oil and petroleum, Italy created another sector under IRI called ENI (National Hydrocarbons Agency) – plastic became widely industrialized. The first president after WWII was Enrico Mattei (Socialist) and created partnerships in the Middle East to secure oil partnerships. On one of his trips to the Middle East, Mattei’s plane blew up (people say it was CIA but cannot be proven). This however, paved the way for Italy’s oil relations with the Middle East. EFIM (Agency for Holdings and Financing of Manufacturing Industry) These agencies were very important to Italy after WWII. After the 1960s, these agencies practically became employment agencies. In 1963, because
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This note was uploaded on 02/24/2010 for the course HUI 239 taught by Professor Mariomignone during the Fall '10 term at SUNY Stony Brook.

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10-27-09 - HUI 239 Lecture 10/27/09 Italys wealth is above...

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