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Published online by Cambridge University Press: 17 August 2016
1. The problems of economic policy in Italy at the present moment must be examined within the wider international, and especially European context. Now, as never before, the direction, the intensity and the timing of internal policies has come to depend on external variables. But such variables are not entirely “acts of God”; they are to a large extend due to international economic policies and to domestic policies in other countries. I wish to concentrate on how this interdependence of national and international policies has worked. I submit that it has worked perversely and that such perversity could, and perhaps still can, be avoided.
This is the revised text of a paper at a conference on the Italian economy held in Louvain-la-Neuve on June 26, 1974. No attempt has been made to bring the paper up to date with later events or figures. Such events and figures, on the other hand, are not such as to affect the opinions (right or wrong) expressed in the paper.
(1) A formal analysis of the effects on demand of the rise in oil prices and of the possible offsetting factors is attempted in Izzo, L. and Spaventa, L., “Some Internal and External Effects of the Rise in the Price of Oil”, Banca Nazionale del Lavoro Quarterly Review, March 1974 Google Scholar.
(2) In an article in the Corriere della Sera of January 9, 1974.