RICcardO puglisi

Ugo La Malfa, l'economia mista e la politica senza alternanza nell'Italia della "Prima Repubblica"

217

Gennaio-Aprile 2008

Anno LXXIII    n. 1

Summary - The political and economic history of the Italian “ First Republic ” can be fruitfully investigated by applying the theoretical tools of formal political economy and public choice. In a context where the geopolitical conditions made it difficult –if not impossible- for the Communist Party to be a credible political alternative to the moderate block around the Christian Democrats, I discuss here the strategic role played by Ugo La Malfa , one of the founders of the Partito D’Azione and then secretary of the Italian Republican Party (PRI). La Malfa , after a failed attempt at creating a Social Democratic alternative to the moderate block, entered the majority coalition with the PRI and acted as a “regulator” of the political monopoly enjoyed by the Christian Democrats, often taking sides with the Bank of Italy. He also pressed Italy to enter into the newly formed European institutions, e.g. the European Monetary System (EMS), as he was convinced that external constraints were very helpful –if not necessary- to the effort of disciplining the monetary and budgetary processes within the country.