ITALY IN THE TWENTIETH CENTURY

Italy in the Twentieth Century

Italy in the Twentieth Century

Introduction

The patrimony of Italians based on the antecedents of Rome, with the tradition, which is as extensive as 2,500 years, which is oldest after the Greece in Europe. Premier Giovanni Giolitti, initiated many legislative reforms in the initial decades of the 20th century, which lead to the improvement of the status of Italy amongst Western power, excluding it has consideration towards the poverty and illiteracy dilemma in Italy. As the World War I erupted, Italy declared itself to be neutral and hence united with French and British for the advantages it offered by the Treaty of London. The postwar effects led to poverty and unrest in social conditions of Italy, and then Benito Mussolini came in to power in 1922, after leading Fascist supporters, in to Rome during the mass march. It directs to the reviving of the social and economic conditions of Italy, leading towards the generation of employment, social welfare and transportation.

During the eruption of the World War II, Italy joined hands with Germany and defeated Greece and North Africa. The result of war led towards the disunited politics and increase in poverty and was liable to par $360 million in the reparation of the war to USSR, Greece, Yugoslavia, Albania and Ethiopia. The Italy regained it economical stability in 1950s by the grant of $1.516.7 million from United States of America. During the years of 1950s to 1960s, Italy was under the phenomenal development in the economy.

Discussion

Rapid Economic Expansion in 1950s and the Early 1960s

After the World War II, Italy was facing severe economic conditions, where poverty and unemployment was to the hype. The grants from United States helped Italy to breathe and spend on the economic development of the country. Italy revived with the grant and made the country an ongoing concern. In the early 1950's Italy joined and became the founding member of NATO, UN and made an alliance with United States, thorough which they revitalized the economy by the help of Marshall Plan. In 1952, Italy became the member of ECSC and 1957 became the member of European Economic Community. By the end of the 1950s, Italy made the phenomenal growth in the economic conditions and recognized the years as “Economic Miracle”.

Il Miracolo Economico, meaning Italian Economic Miracle, was during the years of 1950 and extended to 1963, in which the country not only made the significant changes in economic growth and social development on the country by renovating the poor and agrarian nation into an industrial nation; however, it was the era in which the cultural and societal changes recorded in Italy.

During the years of 1959 to 1962, there was the highest recorded growth of Italy's economy which were 6.4% in the year 1959, 5.8% in the year 1960, 6.8% during the year 1962 and 6.1% in the year 1962. The reason behind the growth was the industrial development and the venture and prudence of the entrepreneurs of ...