The Structure of Italian Capitalism, 1952–1972: New Evidence Using the Interlocking Directorates Technique

Abstract

This article explores the structure of the italian capitalist system by focusing on the relationships between financial firms – banks, insurance and holding companies – and industrial companies in italy during the period 1952–72 through the analysis of the interlocks that existed between them. By an interlock is meant the link created between two firms when an individual belongs to the board of directors of both. The analysis is based on a database – imita.db – containing data on over 30,000 directors of italian joint-stock companies for the years 1952, 1960 and 1972. After a descriptive statistical overview of the companies and the directors included in the database, the article develops a network connectivity analysis of the system. This is integrated with a prosopographic study of the big linkers, defined as those directors cumulating the highest number of offices in each benchmark year. The article confirms that italian capitalism maintained substantial peculiarities in the period investigated. in particular, it argues that interlocks played an important role in guaranteeing the stability of the positions of control of the major private companies and their connections with state-owned enterprises. In 1952 and 1960 the system, centred on the larger electrical companies, showed the highest degree of cohesion. That centre dissolved after nationalisation of the electricity industry in 1962 and was replaced by a less strong and cohesive one, hinged on banks, insurance and the major finance companies.