| Popis: |
Italy and Spain are usually portrayed as “most similar” country cases by comparative political economy research. Both are seen as “mixed” models of capitalism, less efficient than “pure” types such as Germany or the United States. Alternatively, both are seen as “Mediterranean” welfare states, in which transfers dominate social expenditures, while investments in human capital development are neglected. Applying the growth model perspective to these two cases reveals, however, two highly dissimilar trajectories in the past 30 years. While Spain was one of the fastest growing economies in the Eurozone, Italy went through a phase of prolonged stagnation. The chapter focuses on the interaction between international economic constraints/opportunities and domestic conditions. It argues that while Spain was able to implement a growth strategy that, although highly unbalanced and inherently inegalitarian, was consistent with the growth possibilities afforded by euro membership, Italy stands out for its inability to find a viable growth driver. |
