Passage 5/15

simon66 — 3 years ago

Italy's involvement in World War II as a member of the Axis powers required the establishment of a war economy. This put severe strain on the economy and it became difficult for the government to persuade business leaders to finance what they saw as a military disaster. The Allied invasion of Italy in 1943 caused the Italian political structure - and the economy - to rapidly collapse. The Allies took over the administration of the areas of Italy under their control. By the end of the war, the Italian economy had been all but destroyed; per capita income in 1944 was at its lowest point since the beginning of the 20th century. After World War II, the Italian economy had very variable growth. In the 1950s and early 1960s, the Italian economy was recovering, with significant recorded growth rates by 1959. After 1959 there was a rapid and sustained growth due to the ambitions of several Italian business people, the opening of new industries (helped by the discovery of hydrocarbons, made for iron and steel) , the reconstruction and modernisation of most Italian cities, such as Milan, Rome and Turin, and the aid given to the country after the end of the war.