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The role of rentier in the stabilization processes of the Twenties

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  • Stefano Pittaluga
  • Elena Seghezza

Abstract

The existing literature has underlined the existence of widespread economic regularities in the stabilization processes of the Twenties. This paper shows that there were also political regularities. The main reasons of these regularities are explained in the light of a political exchange hypothesis according to which interest groups express a demand for inflation (or deflation), while political parties aim at catching power, representing the interests of some groups. A political equilibrium is a situation where some party or a coalition of parties gains the consensus of prevailing interest groups.

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  • Stefano Pittaluga & Elena Seghezza, 2009. "The role of rentier in the stabilization processes of the Twenties," Rivista di storia economica, Società editrice il Mulino, issue 2, pages 191-224.
    • Handle: RePEc:mul:jrkmxm:doi:10.1410/30021:y:2009:i:2:p:191-224
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    Cited by:

    1. Pittaluga, Giovanni Battista & Seghezza, Elena, 2012. "The Great Inflation in Italy: A Political Economy View - La Grande Inflazione in Italia: un’interpretazione alla luce della political economy," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 65(1), pages 65-81.

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