Abstract
For a long time, most scholars, historians and economists considered Italy as a prime example of an incomplete and very difficult transition into modern industrial society.1 Due to late industrialization and its relative backwardness compared to other Western European countries, the rise of Italy to one of the most powerful industrial nations in the world during the 1950s and 1960s is, therefore, even more impressive.2 Italy, indeed, showed particularly high growth rates after 1945, higher, in fact, than those of most other Western European economies.
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