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Global Perspective on Italian Capitalism

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  • Ranaldi, Marco

Abstract

This paper investigates the relationship between national and global distributions of capital and labor income in Italy from 1989 to 2020. By combining data from the Global Capital and Labor (GCL) Database and the Italian Survey of Household Income and Wealth (SHIW), it presents five principal findings. First, between 1989 and 2016, Italians consistently declined in their global income rankings based on both capital and labor income. Second, during this period, individuals in the lower income deciles across all regions (North, Center, and South of Italy) experienced more significant declines in both types of income. Third, these trends reversed from 2016 to 2020. Fourth, labor income became a more crucial determinant of global income status for Italians compared to capital income. Fifth, transfer income can no longer elevate Italians at the bottom of the labor income distribution to global middle-class standards, unlike in the past. (Stone Center on Socio-Economic Inequality Working Paper)

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  • Ranaldi, Marco, 2024. "Global Perspective on Italian Capitalism," SocArXiv 72gwt_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:72gwt_v1
    DOI: 10.31219/osf.io/72gwt_v1
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    References listed on IDEAS

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    1. Paolo Acciari & Facundo Alvaredo & Salvatore Morelli, 2024. "The Concentration of Personal Wealth in Italy 1995–2016," Journal of the European Economic Association, European Economic Association, vol. 22(3), pages 1228-1274.
    2. Thomas Piketty & Emmanuel Saez & Gabriel Zucman, 2018. "Distributional National Accounts: Methods and Estimates for the United States," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(2), pages 553-609.
    3. Ranaldi, Marco & Milanović, Branko, 2022. "Capitalist systems and income inequality," Journal of Comparative Economics, Elsevier, vol. 50(1), pages 20-32.
    4. Demetrio Guzzardi & Elisa Palagi & Andrea Roventini & Alessandro Santoro, 2024. "Reconstructing Income Inequality in Italy: New Evidence and Tax System Implications from Distributional National Accounts," Journal of the European Economic Association, European Economic Association, vol. 22(5), pages 2180-2224.
    5. Branko Milanovic, 2015. "Global Inequality of Opportunity: How Much of Our Income Is Determined by Where We Live?," The Review of Economics and Statistics, MIT Press, vol. 97(2), pages 452-460, May.
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