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Architects of AusterityInternational Finance and the Politics of Growth$
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Aaron Major

Print publication date: 2014

Print ISBN-13: 9780804788342

Published to Stanford Scholarship Online: September 2014

DOI: 10.11126/stanford/9780804788342.001.0001

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Adjustment in Practice

Adjustment in Practice

Opening and Closing the Door on the Italian Left

(p.72) 4 Adjustment in Practice
Architects of Austerity

Aaron Major

Stanford University Press

This chapter shows how intergovernmental organizations like the OECD and the Bank for International Settlements put their ideas into practice in their discussions of Italian political and economic developments in the late postwar period. The central finding of this chapter is that, although the international community often expressed concern about the low rates of growth and high rate of unemployment in the country, these concerns were primarily motivated by fairly orthodox views about balance of payments adjustment. The international community did not encourage growth and full employment for their own sakes, as the embedded liberalism thesis would expect, but rather were encouraged, or even more tellingly discouraged, insofar as they would help to correct for international payments imbalances.

Keywords:   postwar Italy, balance of payments, opening to the left, Christian Democratic party, Bank of Italy

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