La crisi mondiale e l'ItaliaBy Marco Fortis Il Mulino - April 2009
This volume deals with four intertwining aspects starting from the current world's economic-financial crisis. The first aspect is that the crisis arose and developed in the USA as a result of a financial system exceedingly relying on debiting, with an exponential growth of the indebtedness of the American households, particularly exposed in housing loans. The second reviews how the crisis spread to the rest of the world because of the enormous increase in the so-called "toxic" assets arising from the mass of loans. The third aspect is that in this mess Europe is definitely in a better position than the US. The fourth and last aspect is that Italy has many strong points in coping with the recession that began late in 2008, the major ones being a competitive manufacturing system and a high level of households saving.
What someone described as backwardness of the Italian economic system is now proving to be a specific strength that could enable us to get over the international crisis, which is undeniably extremely severe, better than many other countries.
The author has been following the crisis day by day with articles published especially in "Il Messaggero" and "Economy", now collected systematically in this volume.