Sean O’Grady: Ageing Italians on the slow train to ruin

Posted by Kendall Harmon

...everyone knows that Italy is on the slow train to ruin. Her public finances have been reasonably well run, but the economic fundamentals are skewed against her. Her poor demographic mean fewer workers – and thus taxpayers and savers – to fund the health and social costs of a greying populous. And, like Portugal and Greece, she is fundamentally uncompetitive, unable to match German levels of productivity and exports.

Il miracolo economico of the 1960s – symbolised by millions of little Fiat 500s pouring out of bustling Turin – was possible because a vast reservoir of underemployed agricultural workers could be lured into the cities. That cannot be repeated.

Read it all.

Filed under: * Economics, PoliticsEconomyCredit MarketsCurrency MarketsEuroEuropean Central BankStock MarketThe Fiscal Stimulus Package of 2009* International News & CommentaryEurope--European Sovereign Debt Crisis of 2010Italy

0 Comments Posted July 12, 2011 at 11:28 am

To comment on this article: To article and comments

<< Back to main page

The URL for this article is

© 2014 Kendall S. Harmon. All rights reserved.

For original material from Titusonenine (such as articles and commentary by Dr. Harmon) permission to copy and distribute free of charge is granted, provided this notice, the logo, and the web site address are visible on all copies. For permission for use in for-profit publications, please email KSHarmon[at]mindspring[dot]com