In 1953 Chenery, Clark and Cao Pinna (1953) presented a study of the regional structure of the Italian economy. This study, which today is almost considered a classic, shows that the production and indus­ trial structure of a region and its dependence on other regions for purchase of raw materials and semi-finished products and for the sale of their products can be a substantial hindrance to business growth and the equalization of income between regions. The indirect effects of an investment programme in southern Italy turned out to be greater in the north. The cause was the difference in industrial structure and southern Italy’s dependence on the north for the purchase of semi­ finished goods and for the export of its finished products.