ABSTRACT
As we have noted, industrial capital clearly predominates in Italy; the banking sector remained largely state-owned until the 1990s, and generally played a subordinate role. The one long-term investment bank, Mediobanca, under the direction of Enrico Cuccia, generally supported the large private firms. Without exercising the sort of control or supervision typical in Germany, Mediobanca did help create an Italian subspecies of the ‘Rhenish’ model of capitalism.1 Nor are the retail or property sectors of major importance among the largest firms, given the proliferation of small operators in these fields. Three of the major corporations – Fiat, Pirelli, and Riva – are, while diversified, principally involved in the traditional Fordist cycle or in the production of inputs for these industries. Three others – Fininvest, Olivetti/Telecom, and IBM – are centred on the ‘new economy’, including telecommunications, computers, advertising and the media. The dynamic traditional industries, such as clothing, foods, and footwear, have also gained a significant place among the larger groups in recent years, with five to six of the twelve largest private conglomerates. Nevertheless these sectors and a large part of the capital-goods industry are dominated by small and medium firms.
