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Is Italy Too Italian?: From Taxis to Textiles, Italy Chooses Tradition Over Growth - NYTimes.com ["Roughly one-quarter of Italy’s G.D.P. is off the books."]
"Economists...see a country w/ a service sector dominated by guilds..., a timid entrepreneur class...a political system in thrall of older voters who want to keep what they have, even if it dooms the nation to years of stasis.

They see a society whose best & brightest are leaving & not being replaced by immigrants, because Italy has so little upward mobility to offer.

To Professor Giavazzi, the future here doesn’t look like Greece. It looks like Argentina.

“Before World War II, Argentina was rich. Even in 1960, the country was twice as rich as Italy.” Today...you can compare the per capita income of Argentina to that of Romania. “Because it didn’t grow. A country could get rich in 1900 just by producing corn & meat, but that is not true today. But it took them 100 years to realize they were becoming poor. & that is what worries me about Italy. We’re not going to starve next week. We are just going to decline, slowly, slowly, & I’m not sure what will turn that around.”
italy  argentina  guilds  economics  growth  politics  aging  age  policy  immigration  2010  stagnation  markets  china  globalization  local  slow  manufacturing  crisis  deficits  savings  society  decline  blackmarkets  offthebooks  protectionism  jobs  craftsmanship 
august 2010 by robertogreco

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