Italy’s access to luxury trade
After World War II Italy managed to experience economic growth for many years. Initial U. S. support, especially food, oil and Marshall Plan aid, helped to sustain and rebuild industries. Gone are the days of the Fascists and being self sufficient and all parties favored the reconstruction program(Lake, 1999). Prewar industrial levels were regained by 1948, and during 1950-53 Italy played a big role as major producer for the Korean War effort. Italy also took an active partin Middle Eastern oil exploration, and was integrated into European trade.
1958-63 brought about further boom to the economy and in 1964 the “economic miracle’ happened by posting an average of 8 percent per year of industrial growth. It’s most notable industries; fashion (clothing and shoes), sewing machines, typewriters, furnitures, refrigerators, washing machines, plastics, motor scooters and cars. In less than two decades after the construction of highways all through out the country and stable currency, Italy was transformed from an
agricultural society into one of the world’s most progressive industrial states. With the country’s exposure in the Middle East Italy was able to procure oil cheaply. Investments poured in conditions were favorable. IRI (Instituto per la Ricostruzione Industriale) a government owned holding company dominated the economy owning large companies from heavy industry to telephone service, highway construction to airline and air transport. Europe for a time tried IRI’s formula. It has proved effective and boasted good cooperation
between private and state-owned business as their main trait. Italy has benefited from IRI already. Companies behind luxurious fashion to the most expensive automobiles have firm foundations as they grew with Italy’s economy after the war. The people with their taste of elegance and attention to detail are main qualities that propel Italy to the luxury trade and its in these products that the world know that if its of good quality.
Lake, D. A (1999). Entangling relationsSample Essay of PaperDon.com