Quando gli investimenti rappresentano un vincolo. Contributo alla discussione sulla crisi italiana nella crisi internazionale.

The article continues the debate on the "crisis within the crisis" that characterises Italy's economy. The authors argue that while the international and specifically the European crisis greatly contributed to the deterioration of Italy's economic prospects, the country is affected by longer term issues of its own. To analyse such problems, the article focuses on the growing inability of the Italian private sector to innovate. It does so by analysing in a comparative perspective private sector expenditure for fixed investments and for research and development. The policy conclusions are surprising in so far as a surge of investments would seriously risk to negatively contribute to Italy's current account, thus further aggravating the crisis.