In the century and half since its 1861 unification, Italy has left the periphery of the world economy and reached a level of wealth close to that of industrialized core Western countries. Since the 1990s, however, the process of globalization has exposed the weakness of the Italian productive system, and the country’s economic performance has been one of the worst in the world. This pattern raises questions about the very nature of the Italian economy, its historical development, and its relative success in the long run, demonstrating the need for a structural reassessment of these themes. The aim of this special forum is to provide such analysis, offering a systematic and innovative view based on the interaction between institutions (conceived as the rules of the game of economic agents), firm structure, and economic performance. The main hypothesis discussed in all four articles is that Italian capitalism has been negatively affected by inefficient institutions that had a strong impact on firms’ size and governance, managerial practices, and attitude to innovate. As a result, the Italian economic performance has been frustrated, rather than promoted, by the institutional environment, and in large part shaped by fortunate contingencies.

After the editors’ introduction, the special forum starts with a reconstruction of the macroeconomic scenario (“Italy’s Modern Economic Growth, 1861–2011”), using the state-of-the-art data and focusing not only on the process of growth, but also on the problems of living standard, inequality, and regional disparities. The second article (“Institutions, Politics, and the Corporate Economy”) focuses on the exceptionality of the Italian industrial structure characterized by the large dominance of small firms. The authors explain how the institutional setting has played a crucial role in determining the contrasting performance of big business on the one hand, and of small firms on the other. The third article in the forum (“The Ghost in the Attic? The Italian National Innovation System in Historical Perspective, 1861–2011”), which provides a broad reconstruction of long-term trends in science and technology, analyzes the Italian innovative capabilities in the long run. The authors explain how the institutional setup has determined the Italian attitude toward technological innovation in the different historical phases, and suggest that the Italian national innovation system, from the unification until today, has been characterized by a peculiar shadowy or ghostly nature. The last article (“Happy 150th Anniversary, Italy? Institutions and Economic Performance Since 1861”), which also synthesizes the very message of the forum, focuses on the mechanisms on which institutions work. The authors argue that Italian economic development has been characterized in the long run by poor formal institutions, which led to a suboptimal pattern of growth characterized by scarce investment in education, low salaries, imitative technologies, and exploitative management of firms by owners who were mainly stockholders rather than stakeholders.

In the late 1940s and early 1950s, millions of theatergoers, students, and industrial workers saw one or more animated short films, shot in Technicolor and running eight to nine minutes, that were designed to build public support for the principles and practices of free enterprise. The Alfred P. Sloan Foundation quietly funded the production of this series of cartoons, titled Fun and Facts about American Business, through multiple grants to industrial animation house John Sutherland Productions via Harding College, an evangelical college in rural Arkansas that would become known nationally for its anti-communist and conservative political activism. This article examines the creation and distribution of the Fun and Facts films in the years 1946 through 1952 as a notable case of ephemeral film and as an example of the Cold War public relations movement known as “economic education.” Further, the article examines the consequences of economic education as a conceptual category on the production and distribution of Cold War industrial propaganda.

Modern people are obsessed with money, but the practice of tipping a waiter or chambermaid is a counterbalance against money’s tendency to infect human relations. People who tip infect money back, with nonmonetary values. This article provides a general history of tips investing money and monetary exchange with ideals such as status, dignity, waste, care, and play, in certain parts of the United States, c. 1880–1929. It also offers a case study of railroad red caps’ tips in the five years following passage of the Fair Labor Standards Act of 1938; when tipping declined, it reduced red caps’ ability to invest their work with nonmonetary values.

Government intervention in the economy is often justified by the need to correct market failures. This study analyzes one case, the investments of Finnish forest industries, in which, in the late 1960s and early 1970s, both policy makers and the trade association representing the sector reasoned that intervention was particularly necessary because otherwise, the only substantial natural resource in the small country would be overexploited. In the long run, however, the growth of forest resources turned out to be higher, and the demand for wood lower, than expected. Furthermore, the most influential industrialists managed to “capture” the regulatory system and make it a component of their network of cartels and other restrictive practices. Regulatory capture is usually seen as a something that should be avoided, but in this case, it helped the Finnish forest industries to transform themselves from a supplier of bulk goods into the world’s leading exporter of high-end paper grades. Recent decline in demand has, however, raised doubts about the wisdom of this strategy.

This address urges a more self-aware business history. It uses autobiographical details and select biographies of literary figures and women professionals to shed light on the subtle and not-so subtle inequalities associated with business and capitalism. The deliberate tease in the title—WOMEN CHANGE EVERYTHING—is intended to convey the power of word placement to change interpretive meaning and significance, and the power of history to modify understanding. Modifiers are key to an appreciation of the constraints and opportunities that have framed the lives and experiences of women in economies and societies. Even footnotes function in this address as modifiers, uncannily revealing sources of authorial intent and inspiration and throwing light on literary and historiographical hierarchies.

From a European perspective, what sets apart the Swedish return to the gold standard at prewar parity in 1924 is not only that it occurred before that of every other nation, including the United Kingdom, but also that it could be made by politicians without interference from the central bank. Against this background, it is argued that this decision may be related to the combined impact of two political positions that affected policy making in a crucial way. In a domestic policy context in which minority governments needed support from other parties to realize their political ambitions, the Social Democrats and Conservatives both developed separate positions in favor of an early return of the gold standard during the first part of the 1920s. Because these parties together formed a majority in both chambers of Parliament, a stable political support for a return of the gold standard could thereby emerge.

The history of advertising’s global expansion has generally focused on the activities and experiences of American-based agencies. Within these conventional narratives, the “center” of advertising lies in New York. Deemed “peripheral,” markets such as Singapore scarcely feature. However, the transnational agencies operating in Singapore in the 1950s and 1960s challenge this narrative. By examining these agencies’ activities during this period, this article reveals that Singapore’s advertising industry has long been connected to global networks spanning Europe, Australia, Asia, and North America. Such connections not only offer an insight into the development of Singapore’s advertising industry, but they also cast broader questions about the degree to which historical interpretations of the growth of the global advertising industry have been informed by American perspectives.

This article aims to shed light on the early history of small-scale capital in Turkey. Turkey’s paradigm of development in the 1960s and 1970s, as in other belatedly industrializing countries, meant active state involvement, generally in favor of big capital. This emphasis on the large players has caused small capital’s influence on the era’s state policies to be largely overlooked. This article argues that small capital, popularized in the 1990s with the concept “Anatolian capital,” has deeper roots in Turkish economic and business history than formerly thought.

Although business historiography has demonstrated a variety of impediments placed on women’s entry to entrepreneurship and business, the negotiated mechanisms that constructed the gendered selection has been understudied. Based on an analysis of loan applications by Jewish women in British-ruled Palestine before 1948, this article shows how material considerations to approve the loans and facilitate entry to business activity were based not merely on gender-oriented perceptions on the legitimacy of doing business, but also on a mosaic of normative constructions of family, community, and nation building.

This article examines the growth and change of a southern California table grape firm, the George F. Johnston Company. Combining business, labor, and environmental history, it traces the company’s expansion from a semi-arid region just east of Los Angeles to the fully arid deserts of the Coachella and Imperial Valleys of California. The Johnston Company moved south and east into this more hostile environment to produce grapes out of the traditional season, beating the competition to market. In the process, it produced a racially stratified workforce and contributed to an ecological catastrophe. The Johnston case suggests that agricultural production pits capitalists in a triangular struggle over the moment of the harvest with nature and labor. This struggle is intensified by competitive dynamics that drive firms to expand or shift the timing of the productive process.

This article explores cultural aspects of the unique archival patrimony of private account books that survive for Florence from the fourteenth to the early seventeenth century, a period corresponding to the city’s greatness as a center of both Renaissance culture and early capitalism. The discussion first surveys the diffusion and the standardization of accounting practice throughout the society, the educational process behind this development, and the emergence of the professional accountant. It then analyzes double entry in its application to both business (including industrial) and domestic accounts in the attempt to extend our knowledge of the accounting reality in this pre-modern capitalist economy beyond the traditional view derived from manuals and theoretical notions. The conclusion examines the cultural functions of Florentine accounting practice ranging from the so-called spirit of capitalism in the business world to some particular characteristics that disposed Florentines in general toward this kind of record keeping.