Last Saturday’s New York Times contains an entertaining, edifying but ultimately sad tale on what ails the Italian economy.
Entitled “Is Italy Too Italian?“, the Global Business article seeks to explain why Italy often tops “the informal list of Nations That Worry Europe” economically. Part of the problem may be the reluctance to use modern industrial techniques that can reduce costs of production – can you afford to pay $4,000 for a suit??? – or the large public debt run up by its profligate government, but the more important issue is the utter lack of growth and hence opportunity in the Italian economy.
Read more on Italy, competition and the problem of guilds…