20世紀のイタリアにおける国家持株会社の発展と衰退

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  • The Rise and Fall of the "Entrepreneurial State" in Italy

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This paper summarizes the rise and fall of state-holding companies in Italy from the perspective of the evolution of their objectives and the role they played and the impact of international cooperation, especially European integration. Until the 1990s, Italy had a large public enterprise sector. Among them, the state-holding company IRI (Istituto per la Ricostruzione Industriale, or Industrial Reconstruction Corporation) was a giant conglomerate that had a great influence on the economy as a shareholder of about 1,000 private companies and banks. IRI was created in the early 1930s in Italy, where capital was scarce, to mobilize savings for industry, prevent monopolization by large private firms, and make market competition work. In the 1950s, IRI contributed to Italy's "economic miracle" through investment in southern Italy and job creation. From the late 1960s, however, it was expected to invest in Southern Italy to encourage growth; and the system became bloated and inefficient when it was charged with bailing out companies for political reasons during the economic crisis of the 1970s. From the 1980s onward, the need to promote competition and fiscal consolidation in response to the creation of a single market and currency unification led to the large-scale privatization of public enterprises also in Italy, and IRI was liquidated in 2000.

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