Economic revitalization and birth of state ownership in interwar Italy

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タイトル別名
  • Economic Revitalization and Birth of the Ownership in Interwar Italy

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The Italian economy was charactcrized by the "mixed economy" and "state ownership" until the 1990s. This paper throws some light on the first and biggest state-holding company, the IRI's activities, such as public interventions to rehabilitate the banks and industries damaged by the Depression and the reforms of Italian economy in 1930s. The reorganization policy oriented by the IRI aimed to dissolve the close ties between big banks and industries, and thereby prevent the recurrence of a financial crisis. It purchased the "frozen assets" from major banks in order to restore their financial situartions and to make possible the control of their financing activities by the IRI. with this intention, it would design more decided regulation over banking Sector, which resulted in 1936 Banking Law. Through the purchase of assets. the IRI became a creditor and shareholder of the numerous industlial companies, which were revitalized and finally resold on the market. The corporate revitalization was successful and the IRI used its gains exclusively to repay the Bank of Issue's bail-out credit. The IRl's principle of corporate administration was to boost the efficiency of the individual companies and the whole sector through respecting market competition and enabling state control without increasing the fiscal burdens on taxpayers. Since such corporate administration model was recognized to be effective as the third way of state intervention. this institute was determined to continue as a state holding company.

収録刊行物

  • 経済科学

    経済科学 56 (1), 13-41, 2008-06-30

    名古屋大学大学院経済学研究科

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