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Conservatives Versus WildcatsA Sociology of Financial Conflict$
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Simone Polillo

Print publication date: 2013

Print ISBN-13: 9780804785099

Published to Stanford Scholarship Online: September 2013

DOI: 10.11126/stanford/9780804785099.001.0001

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Italian Creditworthiness From Central to National

Italian Creditworthiness From Central to National

Chapter:
(p.182) 6 Italian Creditworthiness From Central to National
Source:
Conservatives Versus Wildcats
Author(s):

Simone Polillo

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804785099.003.0007

In 19th-century Italy, fiscal and administrative centralization favored the wildcats, and in the struggle over creditworthiness that ensued, wildcats and conservative bankers fought by articulating more general criteria of creditworthiness than the privatized ones that took precedence in decentralized polities--such as the United States. The chapter focuses on the ways that Italian political elites dealt with international constraints on their capacity to borrow, in particular through their relationship with the Banca Nazionale, and a policy of budget austerity). The chapter also highlights the threats to sound banking deriving from the increasing democratization of the polity, and how the Bank of Italy responded to them by reframing creditworthiness in terms of the national interest.

Keywords:   Italian wildcats, international economy and capital, budget austerity, democratization, nationalism and creditworthiness

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