Italy Enjoys One of the Largest Economies Term Paper

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Italy enjoys one of the largest economies in the Euro-11, ranking third behind France and Germany. Italy was unified in 1861 following nearly 1400 years of domination by city-states, foreign powers, and the Papal See. During these years, different cultures developed in the north and south, leading to great economic disparities as the north, with its Venetian, Milanese and Florentine heritages, developed a strong industrial economy. By comparison, the south, formerly dominated by Naples and the Kingdom of the Two Sicilies, remains rural and undeveloped.

GDP and GDP Per Capita,

Italy's GDP for 2001 was 1,217 billion Euros, or 1,095 billion dollars at the average exchange rate for 2001. (Economist Intelligence Unit, January 7, 2003.) Estimated GDP for 2002 was $1.438 trillion after adjustments for Purchasing Power Parity, with a 2002 per capita GDP of 25,000 after a similar adjustment.

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(The World Factbook, 2002) GDP per capita was 18,800 in 2001, while GDP per capita adjusted for purchasing power parity stood at 26,150. This was up from 25,230 in 2000 and 24,025 in 1999. Overall GDP grew an average of 2% between 1997 and 2001. (Economist Intelligence Unit, January 7, 2003.) Purchasing power adjustments used by the Economist and the CIA's World Factbook differ slightly.

Income Distribution

Income distribution in Italy is surprisingly egalitarian; in economic terms, the country has a favorable Lorenz Curve and a low Gini Coefficient. Although income distribution is not as egalitarian as that in Scandinavian countries, it favors the poor and middle class more than in the United Kingdom and United States. Wage and income distribution favors the industrial north to the agrarian south of Italy, which has roughly 20% unemployment. In.....

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