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Economic history of Italy
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Economic history of Italy
This is a history of the economy of Italy. For more information on historical, cultural, demographic and sociological developments in Italy, see the chronological era articles in the template to the right. For more information on specific political and governmental regimes in Italy, see the Kingdom and Fascist regime articles. The economic history of pre-unitarian Italy traces the economic and social changes of the Italian territory from Roman times to the unification of Italy (1860).
Until the end of the 16th century, Italy was highly prosperous relative to other parts of Europe. From the end of the 16th century, Italy stagnated relative to other parts of Europe. Italy remained a leading European economy until the first half of the 19th century when it was overtaken by France and Germany. At the time of Italian unification, Italy's GDP per capita was about half of that of Britain. By the 1980s, Italy had similar GDP per capita as Great Britain. Since the mid-1990s, the Italian economy has declined in both relative and absolute terms, as well as experienced a decline in aggregate productivity.
Within Italy, the South and North diverge considerably in terms of economic fortune. The divergence began to emerge in the 15th century and gradually enlarged over the subsequent centuries.
In Roman times, the Italian Peninsula had a higher population density and economic prosperity than the rest of Europe and the Mediterranean Basin, especially during the 1st and 2nd centuries. Beginning in the 3rd century CE, the Roman Empire began to decline, and so did the Italian territory and its cities.
During the early Middle Ages (7th–9th centuries), the economy was in a depressed, semi-subsistence state, gravitating around feudal centers. Beginning in the 10th century, the Italian population and economy began to grow again, along with urban centers. Extensive trade networks developed over time, linking Italian centers to a network of relations from Asia to northern Europe. These centers of manufacturing, financial, mercantile and cultural activities made the Italian economy more prosperous than other European countries.
The arrival of the Black Death in the mid-1300s decimated the population, but it was soon followed by an economic revival. This growth produced a prosperous Renaissance economy that was advanced compared to European countries. Italy's leading sectors were textiles (woollen and silk workmanship, widely exported), banking services, and maritime transport.
The Italian Renaissance was remarkable in economic development. Venice and Genoa were the trade pioneers, first as maritime republics and then as regional states, followed by Milan, Florence, and the rest of northern Italy. Some reasons for their early development are the relative military safety of Venetian lagoons, the high population density and the institutional structure which inspired entrepreneurs. The Republic of Venice was the first real international financial center, which slowly emerged from the 9th century to its peak in the 14th century. Tradeable bonds as a commonly used type of security, were invented by the Italian city-states (such as Venice and Genoa) of the late medieval and early Renaissance periods.
After 1600 Italy experienced an economic catastrophe. In 1600 Northern and Central Italy comprised one of the most advanced industrial areas of Europe. There was an exceptionally high standard of living. By 1870 Italy was an economically backward and depressed area; its industrial structure had almost collapsed, its population was too high for its resources, its economy had become primarily agricultural. Wars, political fractionalization, limited fiscal capacity and the shift of world trade to north-western Europe and the Americas were key factors.
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Economic history of Italy
This is a history of the economy of Italy. For more information on historical, cultural, demographic and sociological developments in Italy, see the chronological era articles in the template to the right. For more information on specific political and governmental regimes in Italy, see the Kingdom and Fascist regime articles. The economic history of pre-unitarian Italy traces the economic and social changes of the Italian territory from Roman times to the unification of Italy (1860).
Until the end of the 16th century, Italy was highly prosperous relative to other parts of Europe. From the end of the 16th century, Italy stagnated relative to other parts of Europe. Italy remained a leading European economy until the first half of the 19th century when it was overtaken by France and Germany. At the time of Italian unification, Italy's GDP per capita was about half of that of Britain. By the 1980s, Italy had similar GDP per capita as Great Britain. Since the mid-1990s, the Italian economy has declined in both relative and absolute terms, as well as experienced a decline in aggregate productivity.
Within Italy, the South and North diverge considerably in terms of economic fortune. The divergence began to emerge in the 15th century and gradually enlarged over the subsequent centuries.
In Roman times, the Italian Peninsula had a higher population density and economic prosperity than the rest of Europe and the Mediterranean Basin, especially during the 1st and 2nd centuries. Beginning in the 3rd century CE, the Roman Empire began to decline, and so did the Italian territory and its cities.
During the early Middle Ages (7th–9th centuries), the economy was in a depressed, semi-subsistence state, gravitating around feudal centers. Beginning in the 10th century, the Italian population and economy began to grow again, along with urban centers. Extensive trade networks developed over time, linking Italian centers to a network of relations from Asia to northern Europe. These centers of manufacturing, financial, mercantile and cultural activities made the Italian economy more prosperous than other European countries.
The arrival of the Black Death in the mid-1300s decimated the population, but it was soon followed by an economic revival. This growth produced a prosperous Renaissance economy that was advanced compared to European countries. Italy's leading sectors were textiles (woollen and silk workmanship, widely exported), banking services, and maritime transport.
The Italian Renaissance was remarkable in economic development. Venice and Genoa were the trade pioneers, first as maritime republics and then as regional states, followed by Milan, Florence, and the rest of northern Italy. Some reasons for their early development are the relative military safety of Venetian lagoons, the high population density and the institutional structure which inspired entrepreneurs. The Republic of Venice was the first real international financial center, which slowly emerged from the 9th century to its peak in the 14th century. Tradeable bonds as a commonly used type of security, were invented by the Italian city-states (such as Venice and Genoa) of the late medieval and early Renaissance periods.
After 1600 Italy experienced an economic catastrophe. In 1600 Northern and Central Italy comprised one of the most advanced industrial areas of Europe. There was an exceptionally high standard of living. By 1870 Italy was an economically backward and depressed area; its industrial structure had almost collapsed, its population was too high for its resources, its economy had become primarily agricultural. Wars, political fractionalization, limited fiscal capacity and the shift of world trade to north-western Europe and the Americas were key factors.
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