Monetary Reconstruction in Italy

Monetary Reconstruction in Italy

Monetary Reconstruction in Italy

Monetary Reconstruction in Italy

Excerpt

This book deals with monetary, and, to some extent, with general economic developments in Italy from the middle of 1945, and in particular from the end of the war, to the middle of 1948. Though necessarily descriptive in parts, it is concerned more with matters of interpretation, viewed against the general economic and, to some extent, political background of the period.

Those were five dramatic years, covering as they did within their span the disintegration and fall of the Fascist regime, the change in the status of Italy from a junior partner in the Axis to a cobelligerent of the United Nations, the replacement of the monarchy with a parliamentary republic, the peace treaty, and eventually (though Italy is not yet a member of the United Nations) the practical restoration of Italy as an equal partner in the family of nations through participation in that great co-operative adventure known as the Marshall Plan.

There is no question in my mind as to the fact that Italy, through United States aid but also because of its vitality, resiliency, and will to work, has achieved a very remarkable degree of recovery. Moreover, as the recent general elections have clearly indicated, there is every reason to hope that, if world peace will be preserved as it must be hoped, Italy will make further progress in the coming years and be a stable democratic factor in the European picture. However, there is much in Italy's economic and social structure which needs change. Hence, a dynamic and progressive outlook on economic and social affairs is required on the part of its policy makers. In addition, Italy cannot hope to solve the problems of its international economy by reverting to the situation of, say, 1938 or 1914; hence, few nations have a greater stake than Italy in the translation into reality of the ideals of European co-operation and ultimate unity underlying the Marshall Plan.

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