A letter to the Financial Times
Sir, Italians love their friends and relatives but do not trust other Italians. This is why they save a lot and their private affluence is so high (as described by Rachel Sanderson in “Wealth of the nation is a private matter”, December 23). There are, however, four corollaries.
One, Italians do not invest in their enterprises, which remain small.
Two, those who can (mainly the self-employed) do not pay taxes.
Three, they do not care about value for (tax) money (and elect politicians who care even less).
Four, they manage to export enough to pay the oil bill, despite the small size of their enterprises. Of course, points two and three build up in public debt.
In the short term this may protect the country from financial shocks. Is it sustainable in the long run? According to most economists it is not. Italians do not have the technology (because of point one) and the level of education (because of two and three) to compete in the global arena. However, point four is a puzzle. Does an economic talent exist that does not depend on technology and education? If it does, Italians may continue to enjoy their “amoral familism” for some time yet.
Sergio Lugaresi,
Rome, Italy
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