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robertogreco : protectionism   2

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
What Happened to Argentina? - Economix Blog - NYTimes.com [via: http://www.goodairs.com/2009/10/what-happened-to-argentina.html]
"A century ago, there were only seven countries in the world that were more prosperous than Argentina (Belgium, Switzerland, Britain and four former English colonies including the United States), according to Angus Maddison’s historic incomes database. In 1909, per capita income in Argentina was 50 percent higher than in Italy, 180 percent higher than Japan, and almost five times higher than in neighboring Brazil. Over the course of the 20th century, Argentina’s relative standing in world incomes fell sharply. By 2000, Argentina’s income was less than half that of Italy or Japan. ... Peronism was not only protectionist, but it also favored large state enterprises and significant regulation of the economy. Neither strategy has been particularly good for growth. Argentina’s inbred banking system has historically had trouble weathering severe shocks. Decades of political instability have made property rights insecure and investment unattractive." [See rest of post & comments that follow.]
argentina  economics  history  education  peronismo  protectionism 
october 2009 by robertogreco

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