After the virtual departure of FIAT and the Russian takeover of Pirelli, there are even less Italian big corporations.
The Italian economy has traditionally been based on SMEs, some of which proved highly efficient even exploiting the ongoing crisis to evolve into “pocket multinationals”.
However, this dwarfism is not without consequences for the country. Italy took virtually no advantage of the Information Revolution, it doesn’t produce PCs, tablets or smartphones. Its fashion SMEs were virtually destroyed by Chinese competitors. SMEs are often unable to absorb highly qualified and skilled workers, contributing to the malaise of Italian youngsters and to the decline of the University system. Finally, they have trouble accessing to credit, making them particularly exposed to the credit crunch.