ABSTRACT
According to the Fua estimates, per capita income remained virtually stationary during the years when the Right was in power. Even in the light of the more optimistic estimates, the growth of per capita income remained below that taken by Kuznets as the threshold for modern economic growth. The suspension of the gold standard was seen as a national tragedy. Italian products, therefore, became more competitive on foreign markets with a resulting increase in exports. The long-term effects of the suspension of the gold standard on the monetary system and on financial intermediation, although difficult to quantify, appear much more important. In the winter of 1869-70 official mention was made for the first time in Parliament of setting up an inquiry into Italian industry. In May 1865 the first important Italian Railway Act was approved in parliament. It should be remembered that the value of railway constructions, in the period 18610-76, represented half that of new public works.
