Adjustment in Practice
Adjustment in Practice
Opening and Closing the Door on the Italian Left
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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