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Movie Title Year Distributor Notes Rev Formats Champagner Mosen 1988 Magma Chantage De Femmes 1989 Video Marc Dorcel O Daughters of Sin 1989 VTO Facial Lil' Women 9: Go To Jail 1989 Eurotique Entertainment LezOnly 1 O Porte-jarretelles de la Revolution 1989 The economy of Italy is the 3rd-largest national economy in the European Union, the 8th-largest by nominal GDP in the world, and the 12th-largest by GDP (PPP). Italy has a major advanced economy and [24] is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20. Italy is the eighth largest exporter in the world with $514 billion exported in 2016. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are Germany (12.6%), France (11.1%), the United States (6.8%), Switzerland (5.7%), the United Kingdom (4.7%) and Spain (4.4%).
In the post-World War II period, Italy was transformed from an agricultural based economy which had been severely affected by the consequences of the World Wars, into one of the world's most advanced nations,[26] and a leading country in world trade and exports. According to the Human Development Index, the country enjoys a very high standard of living, and has the world's 8th highest quality of life according to The Economist.[27] Italy owns the world's third-largest gold reserve,[28] and is the third net contributor to the budget of the European Union. Furthermore, the advanced country private wealth is one of the largest in the world.



Italy is a large manufacturer (overall the second in EU behind Germany)[30] and exporter[31] of a significant variety of products including machinery, vehicles, pharmaceuticals, furniture, food, clothing, and robots.[32] Italy has therefore a significant trade surplus. The country is also well known for its influential and innovative business economic sector, an industrious and competitive agricultural sector (Italy is the world's largest wine producer),[33] and for its creative and high-quality automobile, naval, industrial, appliance and fashion design. Italy is the largest hub for luxury goods in Europe and the third luxury hub globally.[34][35] Despite these important achievements, the country's economy today suffers from structural and non-structural problems. Annual growth rates have often been below the EU average with Italy being hit particularly hard by the late-2000s recession. Massive government spending from the 1980s onwards has produced a severe rise in public debt. In addition, Italian living standards have a considerable North–South divide: the average GDP per capita in Northern and Central Italy significantly exceeds the EU average, while some regions and provinces in Southern Italy are dramatically below.[36] In recent years, Italy's GDP per capita growth slowly caught-up with the Eurozone average[37] while its employment rate still lags behind; however, economists dispute the official figures because of the large number of informal jobs (estimated between 10% and 20% of the labour force) that lift the inactivity or unemployment rates.[38] Contents 1 History 1.1 Age of Industrialization 1.2 Fascist regime 1.3 Post-war economic miracle 1.4 The 1970s and 1980s: from stagflation to "il sorpasso" 1.5 Great Recession 1.6 Economic recovery 2 Overview 2.1 Data 2.2 Companies 2.3 Wealth 2.4 Regional data 2.5 North–South divide 3 Economic sectors 3.1 Primary 3.2 Secondary 3.3 Tertiary 4 Infrastructure 4.1 Energy and natural resources 4.2 Transport 5 Poverty 6 References 7 Notes 8 External links History Main article: Economic history of Italy The economic history of Italy can be divided in three main phases:[39] an initial period of struggle after the unification of the country, characterised by high emigration and stagnant growth; a central period of robust catch-up from the 1890s to the 1980s, interrupted by the Great Depression of the 1930s and the two world wars; and a final period of sluggish growth that has been exacerbated by a double-dip recession following the 2008 global financial crush, and from which the country is slowly reemerging only in recent years. Age of Industrialization Terni steel mills in 1912. Prior to unification, the economy of the many Italian statelets was overwhelmingly agrarian; however, the agricultural surplus produced what historians call a "pre-industrial" transformation in North-western Italy starting from the 1820s,[40] that led to a diffuse, if mostly artisanal, concentration of manufacturing activities, especially in Piedmont-Sardinia under the liberal rule of the Count of Cavour.[41] After the birth of the unified Kingdom of Italy in 1861, there was a deep consciousness in the ruling class of the new country's backwardness, given that the per capita GDP expressed in PPS terms was roughly half of that of Britain and about 25% less than that of France and Germany.[39] During the 1860s and 1870s, the manufacturing activity was backward and small-scale, while the oversized agrarian sector was the backbone of the national economy. The country lacked large coal and iron deposits[42] and the population was largely illiterate. In the 1880s, a severe farm crisis led to the introduction of more modern farming techniques in the Po valley,[43] while from 1878 to 1887 protectionist policies were introduced with the aim to establish a heavy industry base.[44] Some large steel and iron works soon clustered around areas of high hydropower potential, notably the Alpine foothills and Umbria in central Italy, while Turin and Milan led a textile, chemical, engineering and banking boom and Genoa captured civil and military shipbuilding.[45] However, the diffusion of industrialisation that characterised the northwestern area of the country largely excluded Venetia and, especially, the South. The resulting Italian diaspora concerned up to 26 million Italians, the most part in the years between 1880–1914; by many scholars it is considered the biggest mass migration of contemporary times.[46] During the Great War, the still frail Italian state successfully fought a modern war, being able of arming and training some 5 million recruits.[47] But this result came at a terrible cost: by the end of the war, Italy had lost 700,000 soldiers and had a ballooning sovereign debt amounting to billions of lira. Fascist regime Main article: Economy of Italy under fascism Benito Mussolini giving a speech at the Fiat Lingotto factory in Turin, 1932. Italy emerged from World War I in a poor and weakened condition. The National Fascist Party of Benito Mussolini came to power in 1922, at the end of a period of social unrest. However, once Mussolini acquired a firmer hold of power, laissez-faire and free trade were progressively abandoned in favour of government intervention and protectionism.[48] In 1929, Italy was hit hard by the Great Depression.[49] Trying to handle the crisis, the Fascist government nationalized the holdings of large banks which had accrued significant industrial securities, establishing the Istituto per la Ricostruzione Industriale.[50] A number of mixed entities were formed, whose purpose was to bring together representatives of the government and of the major businesses. These representatives discussed economic policy and manipulated prices and wages so as to satisfy both the wishes of the government and the wishes of business.[48] This economic model based on a partnership between government and business was soon extended to the political sphere, in what came to be known as corporatism. At the same time, the aggressive foreign policy of Mussolini led to an increasing military expenditure. After the invasion of Ethiopia, Italy intervened to support Franco's nationalists in the Spanish Civil War. By 1939, Italy had the highest percentage of state-owned enterprises after the Soviet Union.[48] Italy's involvement in World War II as a member of the Axis powers required the establishment of a war economy. The Allied invasion of Italy in 1943 eventually caused the Italian political structure – and the economy – to rapidly collapse. The Allies, on the one hand, and the Germans on the other, took over the administration of the areas of Italy under their control. By the end of the war, Italian per capita income was at its lowest point since the beginning of the 20th century.[51] Post-war economic miracle Main article: Italian economic miracle The Fiat 500, launched in 1957, is considered a symbol of Italy's postwar economic miracle.[52] After the end of World War II, Italy was in rubble and occupied by foreign armies, a condition that worsened the chronic development gap towards the more advanced European economies. However, the new geopolitical logic of the Cold War made possible that the former enemy Italy, a hinge-country between Western Europe and the Mediterranean, and now a new, fragile democracy threatened by the NATO occupation forces, the proximity of the Iron Curtain and the presence of a strong Communist party,[53] was considered by the United States as an important ally for the Free World, and received under the Marshall Plan over US$1.2 billion from 1947-51. The end of aid through the Plan could have stopped the recovery but it coincided with a crucial point in the Korean War whose demand for metal and manufactured products was a further stimulus of Italian industrial production. In addition, the creation in 1957 of the European Common Market, with Italy as a founding member, provided more investment and eased exports.[54] These favorable developments, combined with the presence of a large labour force, laid the foundation for spectacular economic growth that lasted almost uninterrupted until the "Hot Autumn's" massive strikes and social unrest of 1969–70, which then combined with the later 1973 oil crisis and put an abrupt end to the prolonged boom. It has been calculated that the Italian economy experienced an average rate of growth of GDP of 5.8% per year between 1951–63, and 5% per year between 1964–73.[54] Italian rates of growth were second only, but very close, to the German rates, in Europe, and among the OEEC countries only Japan had been doing better.[55] The 1970s and 1980s: from stagflation to "il sorpasso" Prime Minister Giulio Andreotti (far left) with G7 leaders in Bonn, 1978. The 1970s were a period of economic, political turmoil and social unrest in Italy, known as Years of Lead. Unemployment rose sharply, especially among the young, and by 1977 there were one million unemployed people under age 24. Inflation continued, aggravated by the increases in the price of oil in 1973 and 1979. The budget deficit became permanent and intractable, averaging about 10 percent of the gross domestic product (GDP), higher than any other industrial country. The lira fell steadily, from 560 lira to the U.S. dollar in 1973 to 1,400 lira in 1982.[56] The economic recession went on into the mid-1980s until a set of reforms led to the independence of the Bank of Italy[57] and a big reduction of the indexation of wages[58] that strongly reduced inflation rates, from 20.6% in 1980 to 4.7% in 1987.[59] The new macroeconomic and political stability resulted in a second, export-led "economic miracle", based on small and medium-sized enterprises, producing clothing, leather products, shoes, furniture, textiles, jewelry, and machine tools. As a result of this rapid expansion, in 1987 Italy overtook the U.K.'s economy (an event known as il sorpasso), becoming the fourth richest nation in the world, after the U.S., Japan and West Germany.[60] The Milan stock exchange increased its market capitalization more than fivefold in the space of a few years.[61] However, the Italian economy of the 1980s presented a problem: it was booming, thanks to increased productivity and surging exports, but unsustainable fiscal deficits drove the growth.[60] In the 1990s, the new Maastricht criteria boosted the urge to curb the public debt, already at 104% of GDP in 1992.[62] The consequent restrictive economic policies worsened the impact of the global recession already underway. After a brief recover at the end of the 1990s, high tax rates


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