One of the causes is a cultural problem with elites being extremely short-termist in their outlook. Italy saw upheavals, revolutions and invasions during almost every generation since Roman times; the overall attitude is that you take your money today because tomorrow it might all be gone. Investing is considered foolish, people don’t like any sort of risk, and we celebrate taking advantage of others rather than helping them becoming the best they can be.

It’s becoming increasingly clear that post-ww2 economic development in Italy was exceptional: powered by the Marshall plan and the need to rebuild a country from scratch after being bombed back into the middle ages, the market boomed. Once that wave was over and public money ran out, the traditional approach came back in fashion and the country stalled.