(IRI) and the Instituto Nacional De Industria (INI), 1933-1959
Total Page:16
File Type:pdf, Size:1020Kb
Fascist Politics and Autarkic Economy in a Compared Perspective: the Istituto per la Ricostruzione Industriale (I.R.I.) and the Instituto Nacional de Industria (I.N.I.), 1933-1959 Alessandra Vannini Thesis submitted for assessment with a view to obtaining the degree of Doctor of History and Civilization of the European University Institute Florence, 21 March 2017 European University Institute Department of History and Civilization Fascist Politics and Autarkic Economy in a Compared Pespective: the Istituto per la Ricostruzione Industriale (I.R.I.) and the Instituto Nacional de Industria (I.N.I.), 1933-1959 Alessandra Vannini Thesis submitted for assessment with a view to obtaining the degree of Doctor of History and Civilization of the European University Institute Examining Board Prof. Giovanni Federico, Università di Pisa (EUI Supervisor) Prof. Youssef Cassis, European University Institute Prof. Elena San Román López, Universidad Complutense de Madrid Prof. Franco Amatori, Università Bocconi © Alessandra Vannini, 2017 No part of this thesis may be copied, reproduced or transmitted without prior permission of the author Researcher declaration to accompany the submission of written work Department of History and Civilization - Doctoral Programme I < Alessandra Vannini > certify that I am the author of the work < Fascist Politics and Autarkic Economy in a Compared Perspective: the Istituto per la Ricostruzione Industriale (I.R.I.) and the Instituto Nacional de Industria (I.N.I.), 1933-1959 > I have presented for examination for the Ph.D. at the European University Institute. I also certify that this is solely my own original work, other than where I have clearly indicated, in this declaration and in the thesis, that it is the work of others. I warrant that I have obtained all the permissions required for using any material from other copyrighted publications. I certify that this work complies with the Code of Ethics in Academic Research issued by the European University Institute (IUE 332/2/10 (CA 297). The copyright of this work rests with its author. Quotation from it is permitted, provided that full acknowledgement is made. This work may not be reproduced without my prior written consent. This authorisation does not, to the best of my knowledge, infringe the rights of any third party. I declare that this work consists of < 59699 > words. Statement of inclusion of previous work: I confirm that part of the chapters <2 and section b of Introduction > was the result of previous study <for the Master Universitario en Historia Comparada, Siglos XVI-XX > I undertook at < Universitat Autònoma de Barcelona > institution. Signature and date: Alessandra Vannini, 28/02/2017 < > Thesis Summary The research project is centred on Spanish economic policies from 1937 to 1959, which guided the creation and development of the Instituto Nacional de Industria (the Spanish State-owned company, I.N.I. hereafter). Particular attention will be paid to the similarities, or differences, between these policies and those of Fascist Italy during the 1930s until the 1950s, especially as referred to the Istituto per la Ricostruzione Industriale (the Italian State-owned company, I.R.I. hereafter). I aim to capture the analogies between the two public entities, I.N.I. and I.R.I., through the analysis of their financial ratios, statutes, sector investment and production. If it is true that, in Italy, different economic policies were applied all along from the thirties to the fifties, some of them were autarkic. I.R.I can be seen as a reflection of the regime’s will, mirroring, mirroring the evolution of Italian economic policies. Since the different roles of the I.R.I. and its adaptation to the decision- making process of the Italian regime have not been considered by the literature that dealt with the I.N.I., especially with respect to the classification of the autarkic models that the I.R.I. was called to apply, my research attempts to identify which of the I.R.I. roles were copied by the I.N.I., and in particular whether it was the ‘war autarkic’ model, adopted by the I.R.I. between 1939 and 1943. Particular attention will also be dedicated to explaining why the creation of the I.N.I. was inspired by the Italian model of the I.R.I. The ultimate purpose of my project will be to provide a new insight on the economic policies of the First Francoism by discussing whether postwar policy in Spain was a continuity of the ‘war autarkic’ policy of the Civil War, and not just a ‘normal autarkic’ policy . VII VIII Index Thesis Summary ................................................................................................. VII Index... ................................................................................................................... IX Graphs ................................................................................................................ XII Tables ................................................................................................................. XIV Charts .................................................................................................................. XV Acknowledgements .......................................................................................... XVII Introduction ........................................................................................................... 1 a. The background research about the Spanish and Italian Institutes’ similarities .. 7 b. The Statutes Acts: a comparison ........................................................................ 16 c. Methodology and outline of the thesis ............................................................... 26 Chapter 1 - The economies of Spain and Italy in a comparative perspective (1919-1959) ...................................................................................... 33 1.1 - Introduction ................................................................................................... 33 1.2 - The Turmoil of the 20th Century and Western Europe ................................. 37 1.2.1 – The GDP and GDP per capita .................................................................... 39 1.2.2 - Degree of Openness of Western Europe, Italy and Spain .......................... 51 1.3 - Economic sectors of Italy and Spain ............................................................. 54 Chapter 2 - Autarky: Francoism and Fascist autarkic policies ...................... 61 2.1 - Autarky and Isolation: the Spanish economy from 1939 to 1959 ................. 61 2.2 – Autarkic policies and First Francoism: the distinction of the sub-periods ... 66 2.3 - The Autarkic choice: the realization of a desire or an obligated decision? ... 70 2.4 - The degree of achievement of the autarky: a measure and definition ........... 76 IX 2.5- Autarkic policies of the First Francoism and the origins of I.N.I., 1941- 1959…………………………………………………………………….….80 Chapter 3 - The Spanish State-owned Companies, the Instituto Nacional de Industria and its Financial Statements ........................................ 87 3.1 - History of the State-Owned Companies in Spain .......................................... 88 3.1.1 - The Reales Fábricas and their evolution (1700-1833) ............................... 91 3.1.2 – From the Reales Fábricas to the Spanish Civil War ................................. 97 3.1.3 – The Spanish Civil War and Francoism ...................................................... 98 3.2 - The Financial Statement Analysis of I.N.I. features .................................... 101 3.2.1 - The Third Owned Companies’ Shares of I.N.I. ........................................ 101 3.2.2 – The beginning of I.N.I.: the plans of developments for the Groups of National Interests and the Groups of Production ....................................... 112 3.2.3 - The Investments and Production by Sectors of I.N.I. ............................... 124 3.2.4 - The Return on Equity Ratio and the Costs of production ......................... 132 3.2.5 – Company Independence: The Internal and External Funds of I.N.I. ....... 135 Chapter 4 - Public intervention in Italy, the origins of I.R.I. and the Financial Analysis of I.R.I. from 1933 to 1959 .......................... 139 4.1 - The history of I.R.I. and the Roots of Public Intervention in Italy .............. 140 4.1.1 - The creation of the temporary I.R.I. in 1933: from the savior of the bank and industrial sector to the permanent Institution in 1937......................... 150 4.1.2 - Characteristics of I.R.I. from 1937 to 1939 .............................................. 156 4.1.3 – I.R.I. and the Second World War and Post War period ........................... 159 4.2 – The Financial Statement Analysis of I.R.I. ................................................. 160 4.2.1 - The Third Owned Companies’ Shares and Credits .................................. 161 X 4.2.2 - The Third Owned Companies’ Shares ...................................................... 162 4.2.3 - The Third Owned Companies Credits ...................................................... 169 4.2.4 - The Settlement of the Thirds Owned Companies Shares and Credits ...... 173 4.3 - The Sectors of Third Owned Companies’ Shares of I.R.I. .......................... 178 4.4 - The Sectors of Third Owned Companies’ Shares of I.R.I. revisited by the Classification used by I.N.I. ...................................................................... 179 4.5 - Return on Equity (R.O.E.), Profits and Dividends .....................................