The Italian takeoff in the late nineteenth century: Antonio De Viti De Marco, Maffeo Pantaleoni and Francesco Saverio Nitti on economic growth and business cycles

In the late nineteenth century Italy, three economists in particular stood out in the issue of trade cycle and economic growth: Antonio De Viti de Marco, Maffeo Pantaleoni and Francesco S. Nitti. In the works by De Viti de Marco we find one of the first theoretical formulations of economic dualism between Italy’s Northern and Southern regions. In Pantaleoni's theories emerged the idea of a development mission based on a system of free market relations, which needed to be safeguarded as a top priority. Finally, prevailing in Nitti's approach is the belief that economic growth should rest on the implementation of technical progress and the acceptance of social conflicts as a further stimulus for the modernisation of firms as well as society. Despite their differences, they shared a common feature in foreseeing the development process in Italy as being within reach as long as governments strove for it.