Farsi male da soli. Disciplina esterna, domanda aggregata e il declino economico italiano Sergio Cesaratto, Gennaro Zezza
Foreign constraints, aggregate demand and the decline of the Italian economy
In this essay we analyze the evolution of the Italian economy, starting from the end of its
«economic miracle», and discuss the role of economic policy in all of its forms (fiscal, monetary,
exchange rate management) in determining the long term parable of the Italian economy from
growth to stagnation. We argue that the years of high growth were those when policies targeted
full employment, while the later period of slowdown was mainly caused by the failed attempt to
address the conflicts in income distribution by tying one’s hands to foreign constraints.
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