¹ This novel is part of a trilogy usually known as Il maestro di Vigevano from the title of the most successful tale, which was originally published in 1962. Mastronardi, Lucio, Il meridionale di Vigevano, 2nd ed. (first ed. 1964; Torino, 1994), 384Google Scholar.

² So much so that Ginsborg cited it as the only example. Ginsborg, Paul, A History of Contemporary Italy: Society and Politics, 1943–80 (London, 1990), 237Google Scholar. For a detailed picture of Vigevano during the “economic miracle,” see Giorgio Bocca, “Mille fabbriche nessuna libreria,” Il Giorno, 10 Jan. 1962. It is worth noting the title of the article in English is “Thousand Factories No Bookshop.” For a general portrait of the Italian province during this period, see the travel diary by one of the most important Italian journalists, Bocca, Giorgio, Miracolo all'italiana (Milan, 1962)Google Scholar.

³ For example, Barca, Fabrizio, “Compromesso senza riforme nel capitalismo italiano,” in Storia del capitalismo italiano dal dopoguerra a oggi, ed. Barca, Fabrizio (Rome, 1997), 3–115Google Scholar.

⁴ Scholars such as Alberto Baccini and Marcello de Cecco have already suggested that in Italy accountants have a unique and broad role in the management of small and medium firms, but this early intuition has never been fully developed in the literature. See Alberto Baccini, “Alcune note sul ruolo del commercialista nel finanziamento delle PMI,” mimeo, author's personal paper (Firenze, 1998); de Cecco, Marcello, “Piccole imprese, banche, commercialisti. Note sui protagonisti della seconda industrializzazione italiana,” in Atti di intelligenza e sviluppo economico: Saggi per il bicentenario della nascita di Carlo Cattaneo, ed. Cafagna, Luciano and Crepax, Nicola (Bologna, 2001), 425–49Google Scholar.

⁵ Nuvolari, Alessandro and Vasta, Michelangelo, “The Ghost in the Attic? The Italian National Innovation System in Historical Perspective, 1861–2011,” Enterprise & Society 16, no. 2 (2015): 270–90Google Scholar; Franco Amatori, Matteo Bugamelli, and Andrea Colli, “Technology, Firm Size, and Entrepreneurship,” and Amidei, Federico Barbiellini, Cantwell, John, and Spadavecchia, Anna, “Innovation and Foreign Technology,” both in The Oxford Handbook of the Italian Economy since Unification, ed. Toniolo, Gianni (Oxford, 2013), 455–84 and 378–416Google Scholar.

⁶ For a list of these sources, please see the online Appendix at the following website: http://docenti.unisi.it/michelangelovasta/pubblications/.

⁷ At first glance one might suspect that being cases decided in court, the sample is biased in the direction of including firms more prone to illegal or borderline behavior, and hence the results cannot be generalized. In fact, by looking at the final results of legal disputes, we discovered a wide variety of results, including cases where firms were brought to court and allegations discharged or firms that brought cases to court and won. In other words, the sample includes cases of “guilty” and “innocent” businesses; hence, their features and response to incentives given by the law can be considered the same as those of the general population of Italian firms of the time.

⁸ Considering our estimation of about 14,500 legal cases related to bankruptcy and insolvency (the biggest categories), our sample represents about a third of the total number of business-related cases discussed by the Corte di Cassazione. In order not to miss cases taking place during the golden age, we extended our sample to 1979 because the Corte di Cassazione was the final step in a long process, which usually started much earlier.

⁹ Comparing this data with recent estimates of regional GDP, we observe that the two series are quite similar with a slight under-representation of the northern regions and an over-representation of the southern ones, with the GDP shares for the three macroareas in the 1951–1971 period being the following: northern (56.7 percent), central (19.6 percent) and southern (23.7 percent). However, it must be considered that in this case, GDP is only a rough measure to be compared with our geographical distribution (as there are many other variables—firms’ size, sector of activity, and so on—that could influence the actual number of firms in a given area). For these estimates, see Felice, Emanuele, “Italy,” in The Economic Development of Europe's Regions: A Quantitative History Since 1900, ed. Rosés, Juan R. and Wolf, Nikolaus (New York, 2018)Google Scholar.

¹⁰ We selected a sample of 158 cases and managed to find almost 60 percent of the sample (90 cases). Also, in this sample, there is good coverage of the different regions of the country: 48.7 percent in the north; 26.8 percent central; and 24.4 percent in the south. These percentages are even closer to the GDP estimates presented above with only a slight over-representation of the central regions.

¹¹ The speakers at the Congress were delegates from all regional branches of the Association, guaranteeing full national coverage.

¹² See, for example, Temin, Peter, “The Golden Age of European Growth Reconsidered,” European Review of Economic History 6 (Apr. 2002): 3–22Google Scholar.

¹³ Rossi, Nicola and Toniolo, Gianni, “Italy,” in Economic Growth in Europe since 1945, ed. Crafts, Nicholas and Toniolo, Gianni (Cambridge, U.K., 1996), 427–54Google Scholar. For a recent overview of the Italian economy during the golden age, see Nicholas Crafts and Marco Magnani, “The Golden Age and the Second Globalization in Italy,” in The Oxford Handbook, 69–107.

¹⁴ These estimates are from the Maddison Project Database, last accessed 3 June 2018, http://www.ggdc.net/maddison. For details on this project, see Jutta Bolt, Robert Inklaar, Herman de Jong, and Jan Luiten van Zanden “Rebasing ‘Maddison’: New Income Comparisons and the Shape of Long-Run Economic Development,” Maddison Project Working Paper, no. 10, Groningen Growth and Development Centre, University of Groningen, Groningen, The Netherlands, Jan. 2018, https://www.rug.nl/ggdc/html_publications/memorandum/gd174.pdf. The twelve countries considered are Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Sweden, Switzerland, and United Kingdom.

¹⁵ Vasta, Michelangelo, “Italian Export Capacity in the Long-Term Perspective (1861–2009): A Tortuous Path to Stay in Place,” Journal of Modern Italian Studies 15, no. 1 (2010): 133–56Google Scholar.

¹⁶ Cohen, Jon and Federico, Giovanni, The Growth of the Italian Economy, 1820–1960 (Cambridge, U.K., 2001)Google Scholar.

¹⁷ Ibid., 103.

¹⁸ Nardozzi, Giacomo, “The Italian ‘Economic Miracle’,” Rivista di Storia Economica 19 (Aug. 2003): 146Google Scholar.

¹⁹ Giannetti, Renato and Vasta, Michelangelo, “Big Business (1913–2001)” in Forms of Enterprise in 20th Century Italy: Boundaries, Structures and Strategies, ed. Colli, Andrea and Vasta, Michelangelo (Cheltenham, 2010), 25–51Google Scholar.

²⁰ Ibid., fig. 2.1.

²¹ Federico, Giovanni, “Industrial Structure (1911–2001),” in Evolution of Italian Enterprise in the 20th Century, ed. Giannetti, Renato and Vasta, Michelangelo (Heidelberg, N.Y., 2006), table 2.8Google Scholar; Renato Giannetti and Michelangelo Vasta, Storia dell'impresa italiana (Bologna, 2012), table 2.11a. See also Bart Van Ark and Erik Monnikhof, “Size Distribution of Output and Employment: A Data Set for Manufacturing Industries in Five OECD Countries, 1960s–1990,” OECD Economics Department Working Papers, no. 166, OECD iLibrary, Paris, 1996, http://dx.doi.org/10.1787/207105163036. Germany's data is our estimate based on the fact that the worker's share for the size class 1–19 is 3.9 percent in total.

²² Nuvolari and Vasta, “The Ghost in the Attic?”; Nardozzi, “The Italian ‘Economic Miracle’,” 152.

²³ Gomellini, Matteo and Pianta, Mario, “Commercio con l'estero e tecnologia in Italia negli anni Cinquanta e Sessanta” in Innovazione tecnologica e sviluppo industriale nel secondo dopoguerra, ed. Antonelli, Cristiano et al. (Bari, 2007), 562–63Google Scholar.

²⁴ Cohen and Federico, The Growth of the Italian Economy, 104. Nardozzi expresses a similar view, “The Italian ‘Economic Miracle’.” Moreover, Rossi and Toniolo attributed the slowdown that took place after the mid-1960s also to the inefficiency of the public sector and to the large diffusion of corruption, “Italy,” 449–50.

²⁵ Nardozzi, “The Italian ‘Economic Miracle’.”

²⁶ Aganin, Alexander and Volpin, Paolo, “The History of Corporate Ownership in Italy,” in A History of Corporate Governance around the World: Family Business Groups to Professional Managers, ed. Morck, Randall K. (Chicago, 2005), 325–61Google Scholar; Bianchi, Marcello, Bianco, Magda and Enriques, Luca, “Pyramidal Groups and the Separation between Ownership and Control in Italy” in The Control of Corporate Europe, ed. Barca, Fabrizio and Becht, Marco (Oxford, 2001), 154–87Google Scholar; Dyck, Alexander and Zingales, Luigi, “Private Benefits of Control: An International Comparison,” Journal of Finance 59 (Apr. 2004): 537–600Google Scholar; Zingales, Luigi, “The Value of the Voting Right: A Study of the Milan Stock Exchange Experience,” Review of Financial Studies 7 (Jan. 1994): 125–48Google Scholar.

²⁷ Barca, “Compromesso senza riforme.” This view is consistent with recent findings about the role of political parties in curbing the structure of the Italian productive system. See Colli, Andrea and Rinaldi, Alberto, “Institutions, Politics and the Corporate Economy,” Enterprise & Society 16, no. 2 (2015): 249–69Google Scholar.

²⁸ Ginsborg, A History of Contemporary Italy.

²⁹ Salvati, Michele, Occasioni mancate: Economia e politica in Italia dagli anni ’60 a oggi (Rome; Bari, 2000)Google Scholar.

³⁰ Lubinski, Christina, “Path Dependency and Governance in German Family Firms,” Business History Review 85 (Winter 2011): 699–724Google Scholar.

³¹ Similar to other countries, in Italy the most common legal forms for non-incorporated firms can be divided between the ones having unlimited liability, such as sole ownership (società semplice) and partnership (società in nome collettivo), and the ones having limited liability, such as forms of limited liability partnership (società a responsabilità limitata and società in accomandita). Unlimited liability forms of business organizations were not subject to any minimum capital requirement nor did they need any mandatory control bodies; limited liability ones required a minimum capital of fifty thousand Italian lire and a mandatory control body (collegio sindacale) only for firms with capital of more than one million lire. Joint stock companies needed to have a nominal capital of at least one million lire and the collegio sindacale was compulsory. Other forms of governance such as artisans and small entrepreneurs (piccolo imprenditore) were subject to very limited requirements.

³² Guinnane, Timothy, Harris, Ron, Lamoreaux, Naomi R., and Rosenthal, Jean-Laurent, “Putting the Corporation in its Place,” Enterprise & Society 8, no. 3 (2007): 687–729Google Scholar.

³³ Fallimento Società A.L.P.E. v. Floris (for the former), Cassazione Civile, Sezione I, 18 June 1958, and Gilli v. Fallimento Società Cotonificio di Samarate e Gilli (for the latter), Cassazione Civile, Sezione I, 24 Oct. 1969,

³⁴ Among many others, Calamandrei, Rodolfo, La questione delle società di fatto (Florence, 1898)Google Scholar; Pestalozza, Filippo, “Questioni in tema di società di fatto,” Il diritto fallimentare e delle società commerciali 6 (1929): 834–38Google Scholar; Zola, Enrico, Le società di fatto nel diritto e nella pratica commerciale (Torino, 1929)Google Scholar; Vitrò, Vincenzo, Le società di fatto: profili sostanziali ed effetti del fallimento (Milan, 2009)Google Scholar.

³⁵ Bianco, Magda, Jappelli, Tullio, and Pagano, Marco, “Courts and Banks: Effects of Judicial Enforcement on Credit Markets,” Journal of Money, Credit, and Banking 37, no. 2 (2005): 223–44Google Scholar.

³⁶ In 1959, the minimum capital requirement was fifty thousand lire for limited-liability companies and one million for joint-stock ones. Ferri, Giuseppe, Manuale di diritto commerciale (Turin, 1959)Google Scholar.

³⁷ Giannattasio v. società irregolare Giannattasio e fallimento Giannattasio, Cassazione Civile, Sezione I, 27 Feb. 1971. For an overview of the mechanisms operating in family firms, see Colli, Andrea, The History of Family Business, 1850–2000 (Cambridge, U.K., 2003)Google Scholar.

³⁸ Mongello v. Fallimento Mongello e altri, Cassazione Civile, Sezione I, 21 Oct. 1967.

³⁹ Morck, Randall and Yeung, Bernard, “Family Control and the Rent-Seeking Society,” Entrepreneurship Theory and Practice 28, no. 4 (2004): 391–409Google Scholar. See also the classical study by Banfield, Edward C., Moral Basis of a Backward Society (Glencoe Ill., 1958)Google Scholar.

⁴⁰ See, for instance, the opposite outcomes of the two cases: Belillo v. Fallimento Mantovani, Cassazione Civile, Sezione I, 19 Oct. 1955; Fallimento Benanti e Schillaci v. Benanti e Schillaci, Cassazione Civile, Sezione I, 2 May 1978.

⁴¹ Baccini, Alberto, “Artigiancassa: da Istituto di credito speciale a banca per le imprese artigiane,” in Atti e Documenti di Artigiancassa S.p.a., Artigiancassa: da Istituto di credito speciale a banca per le imprese artigiane 1953–2001 (Firenze, 2002), 7–101Google Scholar; Longoni, Giuseppe M. and Rinaldi, Alberto, “Industrial Policy and Artisan Firms (1930s–1970s),” in Forms of Enterprise in 20th Century Italy: Boundaries, Structures, and Strategies, ed. Colli, Andrea and Vasta, Michelangelo (Cheltenham, 2010), 204–24Google Scholar.

⁴² Laganà v. fallimento P.A.V., Cassazione Civile, Sezione I, 19 Apr. 1966; Baldassarre v. Ditta Gravina e fallimento Baldassarre, Cassazione Civile, Sezione I, 12 Nov. 1977.

⁴³ Giancreco v. Romano e altri, Cassazione Penale, Sezione V, 6 May 1968; Sozzi e Soc. Colorificio Toscano v. fallimento Sozzi, Cassazione Civile, Sezione I, 16 Oct. 1965.

⁴⁴ De Cusatis v. Saiwa e fallimento De Cusatis, Cassazione Civile, Sezione I, 18 May 1971.

⁴⁵ Fallimento Lutz v. Lutz e altri, Cassazione Civile, Sezione I, 13 Apr. 1964.

⁴⁶ Fallimento Melandri v. Banco di Napoli e Cassa di Risparmio di Genova e Imperia, Cassazione Civile, Sezione I, 9 Dec. 1976.

⁴⁷ Pubblico Ministero v. Tavazzini, Cassazione Penale, Sezione III, 1 July 1963.

⁴⁸ Ottati, Gabi Dei, “Trust, Interlinking Transactions, and Credit in the Industrial District,” Cambridge Journal of Economics 18, no. 6 (1994): 529–46Google Scholar; Lazerson, Mark, “Subcontracting in the Modena Knitwear Industry,” in Industrial Districts and Inter-Firm Cooperation in Italy, ed. Pyke, Frank, Becattini, Giacomo, and Sengenberger, Werner, (Geneva, 1990), 115–17Google Scholar. An analysis of the cultural habits diffused among small companies in the silk industry in Como shows betrayal was a common feature even among family members when it came to business matters. Yanagisako, Sylvia Junko, Producing Culture and Capital: Family Firms in Italy (Princeton, 2002), chap. 4Google Scholar.

⁴⁹ Becattini, Giacomo, “Italian Industrial Districts: Problems and Perspectives,” International Studies of Management & Organization 21, no. 1 (1991): 85Google Scholar; Ottati, Gabi Dei, “Cooperation and Competition in the Industrial District as an Organization Model,” European Planning Studies 2, no. 4 (1994): 466–70CrossRefGoogle Scholar; and Brusco, Sebastiano, “The Rules of the Game in Industrial Districts,” in Interfirm Networks: Organization and Industrial Competitiveness, ed. Grandori, Anna (London, 1999), 26Google Scholar.

⁵⁰ This also applies to credit institutions. Small Italian firms relied mainly on local banks, which allocated credit largely on the basis of personal connections with business owners. Ottati, “Trust, Interlinking Transactions, and Credit,” 541–42. It is likely that business accountants, whose personal connections with potential creditors in particular were considered necessary professional qualities, were pivotal in establishing such connections. Mafera, Francesco, Il Commercialista (Firenze, 1964), 116–17Google Scholar. Additionally, the common practice of firms having multiple lines of credit with different banks created a two-way informal insurance against opportunistic behavior from either banks or firms; the former had only a limited amount of credit at stake with each individual firm, and the latter could easily afford to lose the support of one credit institution if it proved unreliable. Conti, Giuseppe and Ferri, Giovanni, “Banche locali e sviluppo economico decentrato,” in Storia del capitalismo italiano dal dopoguerra a oggi, ed. Barca, Fabrizio (Rome, 1997), 429–65Google Scholar.

⁵¹ Ottati, “Trust, Interlinking Transactions, and Credit,” 532. Gaggio, Dario, “Pyramids of Trust: Social Embeddedness and Political Culture in Two Italian Gold Jewelry Districts,” Enterprise & Society 7, no. 1 (2006): 47Google Scholar.

⁵² Bernardo Mattarella, speech, Congresso nazionale dei dottori commercialisti: Napoli, 4–7 ottobre 1956 (Napoli, 1957), 427–30.

⁵³ This might be one of the reasons why in Italy business consulting, as an independent field of activity, struggled to establish itself. For a detailed analysis of this category, see, for example, Crucini, Cristina, “The Development and Professionalization of the Italian Consultancy Market after WWII,” Business and Economic History 28 (Winter 1999): 7–18Google Scholar; and Crucini, Cristina and Kipping, Matthias, “Management Consultancies as Global Change Agents? Evidence from Italy,” Journal of Organizational Change Management 14, no. 6 (2001): 570–89Google Scholar.

⁵⁴ Cesare Cosciani, quoted in Manestra, Stefano, “Per una storia della tax compliance in Italia,” Questioni di Economia e Finanza - Occasional papers Banca d'Italia 81 (Dec. 2010): 35Google Scholar.

⁵⁵ Fiorentini, Maria Rosaria, “Sviluppo capitalistico e professioni economiche: ragionieri e dottori commercialisti, consulenti del lavoro,” in Le libere professioni in Italia, ed. Tousijn, Willem (Bologna, 1987), 264 and 279Google Scholar.

⁵⁶ This was recognized by the commercialisti themselves. See Sala, Goffredo, “Prospettive del dottore commercialista e ordinamento professionale,” Congresso nazionale dei dottori commercialisti: 20–25 settembre 1976: atti e relazioni (Genova, 1979), 811–24Google Scholar.

⁵⁷ Such complaints were very common at annual meetings of the National Association. See, for example, Croce, Oreste, “Il ruolo del revisore ufficiale dei conti,” Congresso nazionale dei dottori commercialisti (Milano, 1946), 359–63Google Scholar; Pietro Aricò, “Attuale orientamento della professione di Dottore Commercialista in Italia e delle professioni corrispondenti in altri paesi,” Congresso nazionale dei dottori commercialisti: Napoli, 4–7 ottobre 1956, 183–89; Luigi Rocco, “Orientamenti e collegamenti professionali,” Congresso nazionale dei dottori commercialisti: Napoli, 4–7 ottobre 1956, 191–203; Angeli, Dino, “La crescente importanza dei problemi professionali,” Congresso nazionale dei dottori commercialisti: Trieste, 21–25 settembre 1966 (Trieste, 1968), 387–402Google Scholar. Luigi Antonelli, “Funzioni e compiti del dottore commercialista,” Congresso nazionale dei dottori commercialisti: Trieste, 21–25 settembre 1966, 201–40; Sala, “Prospettive del dottore commercialista e ordinamento professionale,” 290; and Fiorentini, “Sviluppo capitalistico e professioni economiche,” 292.

⁵⁸ Fiorentini, “Sviluppo capitalistico e professioni economiche,” 284–85. Evidence of this also surfaces in the case Rossi e De Mattia v. Tribunale di Treviso, Cassazione penale, Sezione III, 18 Feb.1957 in which Mattia Nerino, commercialista of the firm Officine Meccaniche Rossi Romeo, owned by Romeo Rossi, argued that he was in full charge of management of the firm.

⁵⁹ Johnson, Simon, “Tunneling,” American Economic Review 90 (May 2000): 22–27Google Scholar.

⁶⁰ Schneider, Friedrich and Enste, Dominik H., “Shadow Economy: Size, Causes, and Consequences,” Journal of Economic Literature 38 (Mar. 2000): 77–114Google Scholar.

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⁶² Atti parlamentari, Camera dei Deputati, Discussioni – seduta pomeridiana del 21 ottobre 1948, at 3744.

⁶³ Manestra, “Per una storia della tax compliance in Italia,” 36.

⁶⁴ Russo, Margherita and Hughes, T. P., “Complementary Innovations and Generative Relationships: An Ethnographic Study,” Economics of Innovation and New Technology 9, no. 6 (2000): 526Google Scholar. See also Gaggio, “Pyramids of Trust.”

⁶⁵ Commercialisti themselves were rumored to have an uneasy relationship with the tax man. See Mafera, Francesco, I commercialisti (Firenze, 1964), 110Google Scholar.

⁶⁶ Sala, “Prospettive del dottore commercialista e ordinamento professionale,” 813.

⁶⁷ This opinion belongs to Federico Maria Pacces, university professor and founder of the economic newspaper 24 ore. See Mafera, I commercialisti, 106.

⁶⁸ Parea, Aldo, “Una forma di pseudo ‘cessio bonorum’,” Congresso nazionale dei dottori commercialisti: Palermo 2–5 ottobre 1958 (Palermo, 1960), 321–22Google Scholar.

⁶⁹ Salvati, Occasioni mancate.

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⁷² Rossi e De Mattia v. Tribunale di Treviso, Cassazione Penale, Sezione III, 18 Feb. 1957.

⁷³ Rocco, “Orientamenti e collegamenti professionali”; and Fiorentini, “Sviluppo capitalistico e professioni economiche,” 285.

⁷⁴ Franco Antolini, “Tecnica e politica dei bilanci di esercizio delle imprese,” in Congresso nazionale dei dottori commercialisti: Napoli, 4–7 ottobre 1956, 333–38. Between 1980 and 1985, for example, the number of commercialisti increased by 32 percent after increasing by only 13 percent between 1976 and 1980. Also, in 1976 the ragionieri commercialisti—accountants dealing mainly with the smallest firms—were about 40 percent of the total, a share that increased to almost 50 percent in 1985. Authors’ calculation from Fiorentini, “Sviluppo capitalistico e professioni economiche,” table 13, 278.

⁷⁵ Sala, “Prospettive del dottore commercialista e ordinamento professionale”; Croce, “Il ruolo del revisore ufficiale dei conti”; and Rocco, “Orientamenti e collegamenti professionali.”

⁷⁶ Rocco, “Orientamenti e collegamenti professionali”; Antonelli, “Funzioni e compiti del dottore commercialista,” 217; and Aricò, “Attuale orientamento della professione di Dottore Commercialista in Italia.”

⁷⁷ Data from Fiorentini, “Sviluppo capitalistico e professioni economiche,” 282.

⁷⁸ Law n. 1815, 23 Nov. 1939, D isciplina giuridica degli studi di assi s tenza e di consulenza.

⁷⁹ Angeli, “La crescente importanza dei problemi professionali.”

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⁸² Luigi Antonelli, “La ‘cessio bonorum’ quale soluzione stragiudiziale in taluni casi patologici d'impresa,” Congresso nazionale dei dottori commercialisti: Palermo 2–5 ottobre 1958, 263–78.

⁸³ Parea, “Una forma di pseudo ‘cessio bonorum’,” 324.

⁸⁴ Ibid., 322

⁸⁵ Pubblico Ministero v. procura Delindati, Cassazione Penale, Sezione V, 7 June 1973.

⁸⁶ Leone (avv. Di Altieri) v. Sentenza corte d'appello tribunale di Genova, Cassazione Penale, Sezione III, 23 Feb. 1959.

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