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Italy: The Sheltered Economy : Structural Problems in the Italian Economy - Fiorella Padoa Schioppa Kostoris

Italy: The Sheltered Economy

Structural Problems in the Italian Economy

Hardcover

Published: 1st August 1993
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Italy has a huge and interventionist governmental economic policy: the general government spends over 50% of the Gross Domestic Product. Professor Padoa Schioppa Kostoris argues that much of this public action and regulation is irrational and counter-efficient. For example, the author analyses the role of taxes and subsidies, and concludes that these are accorded without any regard to their implications; illustrates that national wage equalization fails to allow the South to compete for industry on the grounds of lower labour costs; argues that private capital investment is often 'crowded out' by public money, and reveals inefficiencies in the provision of public services.
Professor Padoa Schioppa Kostoris then argues that the Italian economy is also characterised by a large and efficient 'black market', and that much of the private sector already evades the command and control imposed by the state. Since de facto deregulation therefore exists to a large extent in the Italian economy, the author calls for legal deregulation and privatisation. She argues that a decrease in and an altered character of public action will enable the Italian economy to achieve higher rates of growth, and to reconcile the goals of efficiency and public interest.

`Excellent translation! A must for specialists of the Italian economy, but also recommended to economists (graduate level and beyond) concerned with government's role and impact in a market economy.' Social & Behavioural Sciences 'a special monograph ... The book is actually the synopsis of a very wide research project developed in Italy by a large number of economists coordinated by the author ... it will be very helpful, both for students of applied economics and for scholars interested in understanding how the Italian economy has been steered during the last 20 years of the 'first republic'.' Paolo Onofri, University of Bologna, Economica, Vol. 61, No. 244, November 1994

List of Figures
List of Tables
Introductionp. 1
The Scale of Public Intervention in the Economy
Direct and Indirect Action by General Government and Public Corporationsp. 19
The Classical Reasons for Market Failures
Free-Riding and Private versus Social Cost Benefitsp. 37
Contestable Markets and Government Failuresp. 43
Competition for the Market and Regulated Private Enterprisesp. 49
Utility Charges and the Quality of Public Servicesp. 54
The Modern Reasons for Market Failures
Imperfect Information, Market Incompleteness, and Strategic Interventionp. 69
Strategic Intervention in Aggregate Supply
Direct Public Investment and Public Support for the Disposable Income of Householdsp. 75
Subsidies for Enterprises and Dirigistic Regulationp. 91
General Instruments of Industrial Policyp. 115
Discretionary Instruments of Industrial Policyp. 121
Strategic Intervention in Productive Inputs
Public Employment, Unemployment Benefits, and Dirigistic Regulation of the Labour Marketp. 129
Incentives and Disincentives for Private-Sector Employmentp. 141
Classical-Keynesian Unemployment and Incomes Policyp. 147
Real and Financial Aspects of Private Investmentp. 156
The Effects of Financial Subsidies and Tax Concessions on Private Investmentp. 163
Strategic Intervention in Aggregate Demand
General Characteristics of the Welfare Statep. 169
State Pensions, Education, and Health Carep. 175
'Political' Pricesp. 188
Direct Taxationp. 196
Tax Structure and Proposals for Tax Reformp. 208
The Budget Deficit and the Public Debtp. 217
Is there an Italian 'Economic Miracle'? Concluding Remarksp. 225
Postscriptp. 233
Bibliographyp. 235
Author Indexp. 251
Subject Indexp. 254
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780198287483
ISBN-10: 0198287488
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 272
Published: 1st August 1993
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 22.3 x 14.3  x 2.1
Weight (kg): 0.52