1 IEHA 2006 XIV International Economic History Congress Helsinki, Finland, 21 to 25 August 2006 SESSION 72 - Cooperative Enterprises and Cooperative Networks: Successes and Failures Italian credit cooperatives between expansion and retrenchment (1883-1945) by Andrea Leonardi, University of Trento
[email protected] 2 Andrea Leonardi Italian credit cooperatives between expansion and retrenchment (1883-1945) Introduction Far from being a type of credit institute now superseded, the Cassa Rurale may for many years to come provide the rural population with useful banking services, albeit only those strictly necessary.1 At first sight, this statement – expressed at a crucial juncture for the economic reconstruction of a country profoundly damaged by Fascist economic policy and the ravages of the Second World War – may seem simply an officious defence of a particular type of credit institute radically retrenched in immediately previous years. But in a phase when Italy, despite its difficulties,2 was regaining confidence and initiating the process that would produce the ‘economic miracle’,3 the assessment was not made by the executives of the cooperative banking system. Rather, it was an assertion in early 1949 by the Bank of Italy, which was not only the country’s issuing bank but also the supervisory 1 And in view of the agrarian reform, the report continued, which will bring amongst other things a large number of new agricultural credit transactions for small sums, as well as more long-term land credit operations, the Casse Rurali, by virtue of their economic size and facilities, could at least in part satisfy demand for loans on advantageous conditions by smallholders and independent farmers.