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IOSR Journal of Business and Management IOSRJBM eISSN 2278487X pISSN 23197668 Volume I 7 Issue 4 Ver I Apr 2015 PP 3239 www iosrjournals org Challenges to Technology Innovation in Italy Francesco Ruberto I PhD candidate of Economics and Management of Technology quotDREAMTquot University of Pavia Italy Abstract Italy is an economy with few incentives for technology innovation due to the social cultural and economic consequences of a society that is based on privilege rather than merit The lag in innovation in Italy visavis the other main industrial countries is one of the e ects of the fragmentation of the production system into many small firms that have trouble bearing the high cost of RampD and taking the related risks Most people have little incentive to create innovative companies as they perceive that those with privileges have an unfair business advantage and consequently many entrepreneurs are wary to invest in innovation The mainstay of this paper is to list and understand the challenges that a ect technology innovation in Italy The paper suggests the necessary involvement of all members of the society in the process of design public policies and sociotechnical infrastructures in order to overcome this existing innovation gap In particular Italian entrepreneurs should work together to transform the network of pernicious institutions that perpetuate the lack of a meritocracy as well as the corruption that hinders the development of Italy Keywords Higher education Justice system Meritocracy Privilegebased society Technology Innovation I Introduction Historically the Italian Industry had overcame many challenges to bootstrap1 innovation Italy s socioeconomic development has been challenged by aspects of its historic cultural social political and economic situation The country suffers from an income inequality with powerful special interest groups such as monopolies and privileged unions that have slowed down many necessary reforms The weakness of the state is a major reason to explain the relatively high level of inequality observed in contemporary Italy The weakness of the state indirectly increases social inequality as it is complemented by individualistic marketbased mobilization Pizzomol993 and by the strength of particular social groups Among the latter the most important is surely the family the classic concept of amoral familism developed by Ban eld 1956 on the basis of his eldwork in Southern Italy is still useful to express how Italian families act for their own particular interests without taking into account the welfare of society at large When compared to other OECD countries Italy appears as one of the most unequal countries in terms of income distribution The Gini index of income inequality stand at 034 and rising very similar to the UK value Fig 1 Inequality indices main OECD countries Gini index urn in ame inequality 3433 3333 F H 3333 33433 r 3333 q b 33343 nid 1333 mid 1930 mid 3mm France 11331 3331 Genmny 33333 IIIEEG 3333 Italy 3333 Iii333 51352 Epa39n 11313 3313 39njitim E1332 H341 39 3333 States H355 3334 3331 DEED H335 11333 33m Source OECD 2008 The term bootstrap 1s used to emphas1ze that companles are 1n an env1ronment w1th scant mnovatlon mfrastructures and llttle precedent and support for innovation activities DOI 109790487X 17413239 wwwiosrjournalsorg 32 Page Challenges to technology innovation in Italy This is rather striking when considering that this country is characterized by educational institutions and labour market institutions that are typical of social economies More recently despite an in ow of young cohort who attain levels of education in line with the Lisbon 2020 target at least 85 of the population with a secondary school degree there is still almost half of the population in working age missing this target Clearly Europe remains a twospeed continent with Mediterranean countries lagging behind continental ones in terms of socioeconomic development The lack of a robust industrial structure the presence of powerful family rm that have long controlled large parts of Italy39s industry a large share of small rms and selfemployment a large share of employment in the service sector exceeding 50 are all underlying forces that tend to create inequality and scant infrastructure to support innovationbased industries Therefore the objective of this paper is to analyze the challenges to technology innovation in Italy in order to clarify how they affect the technology growth and competitiveness of the country and to suggest new re ections to be used in turn to design public policies and sociotechnical infrastructures that incentivize technology innovation II An Economy With Little Incentive For Innovation The lag in innovation in Italy visavis the other main industrial countries is one of the effects of the fragmentation of the production system into many small rms that have trouble bearing the high cost of RampD and taking the related risks Such other causes as shortages in human capital for management and RampD and excessive labour exibility undermining the incentive to invest in training also play a role Lack of nancial sources is a further hurdle equity more suitable than debt for nancing innovation is less common than in other countries Public incentives for rms have had modest results To enhance the capacity for innovation some actions should be taken to help rms grow adopt a more managerial approach and increase their equity It is important to support the venture capital market which is less developed than in other countries The design and management of public funding for innovation need improvement Bugamelli et al 2012 The European Commission Directorate General Regional Policy stated that in 2005 Italy s innovation performance was in 12th position out of the 25 EU Member States Its main strength is the public funding of innovation its main weaknesses are the lack of venture capital the low level of cooperation between rms and the low level of business RTD In addition there is a predominance of SMEzs 98 have less than 20 employees specializing in low and medium technology sectors DirectorateGeneral Regional Policy Innovation in the National Strategic Reference Frameworks 2006 In the National Strategic Framework NSF 20072013 the poor innovation capacity of the private and public sectors is identi ed as the principal source of competitive lag in the country The systemic weakness of Italy is linked to the modest amount of private research conducted even in very large rms the insuf cient capacity to institute relationship mechanisms between the latter and SMEs the limited aptitude of SMEs to dialogue with the research supply system the inadequate level of training of entrepreneurs and the poor involvement of workers in the innovation process both in businesses and in the public administration Coletti 2007 Indicators of innovative output such as patents led at the European Patent Of ce EPO con rm the Italian delay in innovation Lotti and Schivardi 2005 Of the total number of patents led at the EPO in 2001 Italy had a share 78 percent is signi cantly lower than one of the main European countries The relationship between the number of patents and population puts Italy in the group of countries with a low propensity to patent which also includes Belgium Greece Ireland Portugal United Kingdom set against Austria Denmark Finland France Germany Luxembourg Netherlands Sweden Since 1980 Italy has the propensity to patent a at pro le until the midnineties followed by a phase of growth Overall at the European level there is no weak signs of convergence between countries more visible when comparing countries with low than high propensity to patent signals are almost absent within each group 2 SMEs stands for SmallMediumEntrerprises DOI 109790487X 17413239 wwwiosrjournalsorg 33 Page Challenges to technology innovation in Italy Fig 2 Evolution of the propensity to patent by country l39u39z r39l ti luil 1OI y39IIIIIIfIH I I I O I I I I I I I I I I I a o I t I I I I I I O o A I 39 0 J 0 39 o C I A I 0 I O I I A I A O I I I I I I 0 I I b O C I I I O C v 229 v 39 I D Hull I Mpuu Ih I uln vun g I I I O o a I I I I r I I C I J I I O 39 I I I 39 I I C I o I O 39 I U I I I a I I I 39 9 quot 39 clo l I DI DI cl 00v lit up Ic ol 0 o 0 Source Bank of Italy 2012 111 Special Privileges Disincentive Cooperation and Innovation Privileged and interest groups such as defacto monopolies and oligopolies corrupt political cliques and dishonest sectors of workers unions have been a constant burden for Italy39s development Their presence engenders systemic corruption deters cooperation in business and discourages technology innovation The problem with this explanation is that a number of different metrics suggest that interest groups in Italy grew weaker rather than stronger in the period between the early 1990s and the late 2000s In the early 1990s trade unions commanded around 40 of the labour force in the private sector In 2007 this gure had declined to a mere 19 Baccaro and Pulignano 2009 This data is mirrored by decline in companylevel wage bargaining During the 2000s 306 of rms with more than 20 employees have reached a company agreement down from 434 in the 1990s CNEL CESOS 2009 From an Olsonian viewpoint this decrease should have had bene cial effects because unions in Italy have not historically been an encompassing group that internalizes the systemic consequences of its strategies Italian unions have been characterized for their factionalism and militancy which followed national political cleavages Olson 1982 Golden 1988 Baccaro 2003 The most notable interest group in Italy are the Italian political parties It is precisely because Italian parties collude to protectpromote their collective interests that the Italian party system should be viewed as a cartel party system rather than as an instance of consociationalism Bogaards 2005 Historically privileged and lobby groups have made Italy a very conservative society To avoid losing their position the privileged have held back many reforms and slowed the transformation of institutions that could make the country more competitive The assurance pharmaceutical and banking sectors are prominent examples Due to lack of competition among assurance companies the cost of insurance own vehicle in Italy remains high in comparison with many other European countries The banking system has been slow in giving credit to small businesses DOI 109790487X 17413239 wwwiosrjournalsorg 34 Page Challenges to technology innovation in Italy Until very recently it has not participated in the creation of solutions for online payments hindering the ability of internet entrepreneurs to create new products These privileged groups formed by speci c business people politicians bureaucrats and union members have historically supported corrupt governments and companies in exchange for special favors The history of a privilegebased society can be traced back to the Spanish Colonial period when the government favored some groups to increase the incipient state power In a privilegebased society most people have little incentive to create innovative companies as they perceive that those with privileges have an unfair business advantage Elizondo MayerSerra 2011 While in every country connections are important in Italy there is a generalized perception that only the privileged can enter the most pro table industries such as banking pharmaceutical and companies serving the public sector These special privileges are linked to a high degree of corruption in the public and private sectors Business people in Italy feel that they will have to bribe someone or ask a special favor at some point if they want to stay competitive in the market In this environment many Italians are wary to cooperate with each other Their lack of cooperativeness created a system characterized by many small companies The behavior of business people is perceived to be similar to that of crabs trapped in a bucket pulling each other down instead of cooperating to get out of the trap Several indicators show that the lack of trust in collective endeavors goes beyond a mere perception In fact counter intuitive ndings about cooperation that theoretically is a tool to overcome internal barriers to innovation can be explained taking into account the less propensity to cooperate by Italian rms that means a too low experience of Italian rms in cooperative agreements and consequently the ineffectiveness of cooperation and the inability to access to partners resources or to exploit the synergies among partners human resources Galia et al 2012 For example by comparing Italian and French SMEs results that French SMEs are more prone to enjoy RampD cooperative agreements l 15 of French SMEs are engaged in RampD cooperation compared to only 43 of Italian SMEs Early stage venture capital in France is 003 of GDP whilst in Italy is 0002 IV Lack of Support to Achievers Lack of Support to Innovation In times of economic crisis higher education often becomes a central part of the political discussions On the one hand there seems to be agreement that higher education is a key factor in nding a way out of the crisis and in creating a stable and competitive knowledge economy that would be able to better absorb potential future economic downturns However the role and value of higher education in society and the economy vary from country to country Indeed in the European context it is clear that while certain countries have provided new investment to fund higher education since the start of the crisis Germany France and Portugal others have decided to renege on previous commitments to increase funding Hungary Flemish Community in Belgium Spain and Austria or to introduce budget cuts varying from minor less than 5 in the Czech Republic Poland Croatia Serbia and Macedonia to major up to 20 such as Italy Garben 2012 In 2009 public expenditure on education in Italy represented an amount equal to 47 of GDP well below the OECD average of 58 As a gure of total public expenditure public expenditure on education in Italy 9 was the second lowest after that in Japan Figure 3 Between 2000 and 2009 public expenditure on education as a percentage of total public expenditure decreased from 98 to 90 and increased by only 4 in real terms the OECD average increase in real terms was 33 Between 2000 and 2009 funding for educational institutions from private sources increased in real terms by 77 In particular funding for higher education shifted more markedly from public to private sources than on average in OECD countries Whereas public sources accounted for 829 of funding in 1995 above the OECD average of 789 that year they accounted for 686 in 2009 below the OECD average of 70 The increase in public spending on tertiary educational institutions equaling 4 in real terms between 2000 and 2009 is the lowest among OECD countries DOI 109790487Xl74l3239 wwwiosrjournalsorg 35 Page Challenges to technology innovation in Italy Fig 3 Total public expenditure on education as a percentage of total public expenditure 2000 2005 2009 mm El 2009 2005 in 2mm ENElit Humiditqu 2b EG 15 l39 39 113 V quot U c u N 3 In gt1 2 E F 1 m 51 a E p 3 r T E quotg E m E u a r F m F 3 as 5 g y c u 1 an ii a A U 5 1 m In E v n y FH 31 A w n 121 quotEl 2 q quotE I39d H FE 4 7 a II u 1 a 5 H lquot d D Iquot 5 u D E1 quot39 391quot F w u 1 quotEl quot2 m w 1 H Tc 3 J m 1 5 cu bi 3 1 E m 9 a quotquot a 1 E quotr 939 395 I E 54 m E Le r a 74 39 E 3in ad E z E E E 1 J Li T g u g c 2 11quot 5quot in E A 4 3 u L 4 Q 1 q 1 A Du 393 3 x 3 39 Ed 13 5e quot at c z 53 5quot E a e 3 1 D N V a 1 U Source OECD 2012 Today s graduates need to combine transversal multidisciplinary and innovation skills and competences with uptodate subjectspeci c knowledge so as to be able to contribute to the wider needs of society and the labour market but in Italy according to the last gures this is not possible It is clear that educational system in Italy has produced uneven results in educating people for innovationbased industries The root causes of this de cient system are the lack of a meritbased educational system that would encourage students to give their best effort along with the historical lack of access by unprivileged groups In Italy most private universities are open to anyone who can afford them There is likely to be a signi cant difference in terms of resources between public and private institutions one should note that in contrast to the USA the proportion of students enrolled at private universities in Italy is extremely low Di Pietro and Cutillo 2006 In Italy in 2002 the proportion of students enrolled at private universities was 65 signi cantly lower than the OECD average of 114 OECD 2004 Second in contrast to other countries in Italy with the exception of some private universities there are no selective barriers to entry to university All the individuals successfully completing high school are free to enroll at the institution they prefer In addition choice is unlikely to be affected by the direct cost of university education as Italian tuition fees are signi cantly lower than in other countries eg the USA and do not signi cantly vary across institutions This general openness to education testify that education system in Italy is not meritocratic based Generally in a nonmeritocratic system there are limited economic resources to support elite institutions that produce worldclass research The lack of tuition fees at University in Italy decrease the resources available for research and investment in innovation In contrast country such as India has invested heavily in its higher education and research systems since its independence in the 19503 creating a series of worldclass elite scienti c engineering and management institutes colleges and universities including the prestigious Indian Institute of Technology These public institutions are reserved for the best students in the country The privileged groups and the State failed to support an Italian research and innovation system During many years there was no support for the highest achievers in science technology and innovation This systemic absence of support for the highest achievers is one reason why Italy lacks a tradition of worldclass research programs V The Italian Justice System A Contributor to a Dif cult Environment for innovation Some Italians perceive that the lack of technical innovation can be explained by an inef cient justice system Judicial systems serve important purposes in upholding social values but also in determining economic performance Wellfunctioning judiciaries guarantee security of property rights and enforcement of contracts Security of property rights strengthens incentives to save and invest by protecting returns om these activities A good enforcement of contracts stimulates agents to enter into economic relationships by dissuading opportunistic behavior and reducing transaction costs This has a positive impact on growth through various channels it promotes competition fosters specialization in more innovative industries contributes to the development of nancial and credit markets and facilitates rm growth A wellfunctioning independent and ef cient justice system is one where decisions Are taken within a reasonable time are predictable and effectively enforced and where individual rights including property rights are properly protected As further improving the ef ciency of the judicial system can help improve the business climate foster innovation attract FDI secure tax revenues and support economic grth IMF 2013 The performance of the Italian justice system is well below European and OECD averages Of note it takes an average of 1200 days to enforce a contract in Italy more than twice the OECD highincome country average OECD 2013 and Council of Europe s European Commission for the Ef ciency of Justice CEPEJ 2012 DOI 109790487X 17413239 wwwiosrjournalsorg 36 Page Challenges to technology innovation in Italy The regulatory and legal environment is commonly held to be an important factor in determining a country s economic performance Trials length and the costs of accessing the judicial system court fees expert fees lawyers fees are very important for enterprises that invest in innovative activities With some exceptions Slovenia systems characterized by lengthy trials tend to be more costly discourage the creation of new businesses foreign direct investment and investment in innovation Thus lengthy trials undermine certainty of transactions and investment returns and impose heavy costs on rms Fig 4 Trial costs net of legal aid as a percentage of the value of the claim 3H 25 21 1539 1 5 I easa p39e a 39rib39 faf r l ff 19 pm quota II E5 35 q an A 13 i air l 35 41 9 763 quotJr 3quot g quot53 g 765quot 431 55 R if 3 yak it quotC vc39 7 ME 3 1 Qquot 7145 r e c a a 3953 Source OECD CEPEJ and World Bank 2013 Further very important for companies is the enforcement of contracts According to Doing Business in Seoul resolving a standard contract enforcement dispute takes 230 days while in Italy 1185 days Doing Business 2014 In fact SMEs usually try to avoid going to trial effective contract enforcement systems matter for them Ef cient courts and enforcement reduce informality improve access to credit and increase trade DablaNorris and Inchauste Comboni 2008 Safavian and Sharma 2007 in a study on Eastern Europe found that in economies with slower courts rms tend to have less bank nancing for new investments Yann and Utoktham 2009 found that simplifying contract enforcement procedures increases bilateral trade VI High recruiting costs weakens the incentive to innovate High recruiting costs associated to scarcity of skilled labour weakens the incentive to innovate on the other and lower innovation and less productive technology reduce the economic return to human capital Colonna 2014Taxes on labour such as social security contributions and taxes on personal income tend to discourage the labour supply while on the demand side increase labour costs and depress the labour demand In the ranking of the level of the tax wedge on the labour Italy lies in an intermediate position In Italy the amount of social contributions amounts to 322 of the average wage level compared to 310 for the average of the 15 EU countries Income tax is 142 compared to 141 for the EU average Dell Arringa 2003 When an investor asks about severance costs all the other countries can provide an answer says Pietro Ichino an Italian senator and professor of labour law at the University of Milan Italy can t Duccio Astaldi president of Condotte one of Italy s largest construction companies says the dif culty of ring often prevents him from hiring when times are good It s easier for me to get rid of my wife than to re an employee he says The result is crippling The World Economic Forum ranks Italy 123rd out of 142 countries in the ef ciency of its labour market Employers are robbed of their ability to innovate om experimenting with hours of operations to introducing new forms of wage structures Meanwhile national strikes roll around like federal holidays one every month or so and almost always on a Monday or Friday to guarantee participants a threeday weekend On average Italian workers spend almost six times as many hours on strike as their German counterparts according to the European Industrial Relations Observatory In the past decade productivity has remained at even as its neighbours to the north have continued to work more ef ciently Comparing Italy and Germany the unit labour costsbased indexes for Italy green line and Germany blue are shown in Figure 5 Between the rst quarter of 2001 and the last of 2011 unit labour cost in Italy rose by 23 more than in its trading partners a real appreciation while unit labour costs in Germany declined by 97 a real depreciation DOI 109790487X 17413239 wwwiosrjournalsorg 37 Page Challenges to technology innovation in Italy Fig 5 Unit labour costbased real effective exchange rates 3EIrmaW Eula IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Source Darvas 2012 Labour productivity however did not follow wages Figure 6 shows that labour productivity completely stagnated in Italy 27 in the entire period while it rose considerably Germany 167 As a result net of taxes unit labour costs in Italy rose about 325 more rapidly than in Germany Fig 6 Hourly labour productivity 1 20 115 if v 111 105 ltal1 German1 r 95 an l 200031 2 21313133 213132112 200331 EDDSEM EQ QS 2131351212 200631 EDDEQEI 2001 3 213138112 200931 EDDSQEI 201033 213111112 Source Darvas 2012 These gures show that a country becomes more competitive if the domestic relative to foreign average wage per hour falls if the domestic relative average labour productivity rises if the relative social security taX rate paid by domestic employers falls if the domestic relative sales taX rate rises and if the trade weighted nominal exchange rate depreciates Manasse 2013 Italy s unit labour costs grew by nearly 28 percent cumulatively during 19952007 compared to a European average of just over 20 percent during the same time period Schindler 2009 The high cost of labour is the reason why Italian companies have a specialization toward unskilled labour intensive sectors Lack of skilled labour might reduce firms39 incentive to innovate on the other hand low technological growth can curb economic returns to human capital Colonna 2013 finds that multiple equilibria and low skilllow innovationquot traps can arise when the matching process between labour demand and supply is very In particular Italy differs significantly from the others countries in two dimensions First Italian labour market is characterized by a more costly matching process a 1 increase of the labour supply reduces the associate recruiting cost by around 2 against 1 in Spain and 02 in France and Germany Second Italian system eXhibits a bias toward sectors with a relatively low skilled labour productivity These two factors can eXplain respectively almost 50 and 30 of the Italian gap in graduation and innovation rate Thus a large part of the innovation between Italy and other leading European countries can be eXplained by labour market frictions Thus labour cost and high recruitment cost can play a pivotal role in shaping firms innovation activity In Italy labour markets suffocated DOI 109790487X17413239 wwwiosrjournalsorg 38 Page Challenges to technology innovation in Italy innovation and productivity growth and resulted in wage dynamics that were completely decoupled from labour productivity and demand conditions VII Conclusion And Recommendations Italy is still at a crossroads in building an innovationbased industry The new local and global resources can help the country overcome the challenges from old institutions and practices The economic crisis and the awareness that political reforms are needed society can create a culture emphasizing education and merit While the Italian Industry is having initial experiences that are foundational towards creating an entire industry based on innovation there is a long road to create a full transformation D Costa 2011 cautioned against being naively optimistic about innovationbased industries the socioeconomic differences between those who are quali ed for the new economy and those who are not are widening rapidly Thus it is urgent to create mechanisms to ensure equal access to a better education for all members of society in order for everyone to bene t from innovationbased industries Enabling more members of society to participate in these industries will contribute to overcoming the existing innovation gap in Italy Scholars and practitioners should look into potential structural and cultural changes that can enable the overall development of society These re ections can be used in turn to design public policies and sociotechnical infrastructures that enable or modify this social development Finally Italian entrepreneurs should create collective aspirations to build strong innovationbased industry that bene ts all beyond the mistrust of cooperation amongst SMEs For defeating the many challenges affecting Italy entrepreneurs should transform the entire business context They should transform the network of pernicious institutions that perpetuate the lack of a meritocracy as well as the corruption that hinders the development of Italy References 1 Baccaro L and Pulignano V 2009 Employment Relations in Italy International and Comparative Employment Relations 5th edition G Bamber R Lansbury and N Wailes London Sage 2 Baccaro L 2002 Negotiating the Italian pension reform with the unions lessons for corporatist theory Industrial and labor relations review 553 413431 3 Ban eld E 195 8 The Moral Basis of a Backward Society New York The Free Press 4 Bogaards M 2005 Power Sharing in South Africa From Power Sharing to Democracy Postcon ict Institutions in Ethnically Divided Societies McGillQueen39s Press MQUP pp164183 5 Bugamelli M Cannari L Lotti F and Magri S 2012 The innovation gap of Italy s production system Roots and possible solutions Bank of Italy occasional paper no 121 6 CNEL CESOS 2009 Le Relazioni Sindacali in Italia e in Europa 20082009 7 Coletti R 2007 Italy and Innovation Organisational Structure and Public Policies CESPI 8 Colonna F 2013 Innovation Human Capital and Multiple Equilibria Just Bad Luck Mimeo 9 Colonna F 2014 Innovation and human capital theory and evidence from Italy Mimeo 10 D Costa A 2011 Geography Uneven Development and Distributive Justice The Political Economy of IT Growth in India Cambridge Journal Of Regions Economy And Society 4 2 11 DablaNorris E and Inchauste Comboni M G 2008 Informality and Regulations What Drives the Growth of Firms IMF Staff Papers 55 1 50 82 Available at httpwwwpalgravejoumalscomimfspj oumalV55n1full9450030ahtml 12 Darvas Z 2012 Real effective exchange rates for 178 countries A new database Working Paper 201206 Bruegel 15 March 13 Dell Arringa C 2003 The Italian Labor Market Problems and Prospects Quaderni dell Istituto di Economia dell Impresa 6 del Lavoro Universita Cattolica del S Cuore Milan n33 pp 135 14 Di Pietro G and Cutillo A 2006 University quality and labour market 15 Doing Business 2014 Understanding Regulations for Small and MediumSize Enterprises 16 Elizondo MayerSerra C 2011 Stuck in the Mud The Politics of Constitutional Reform in the Oil Sector in Mexico Rice University Houston TX 17 Galia F Mancini S and Morandini V 2013 Obstacles to innovation what hampers innovation in France and Italy XXII me Conf rence de l39AIMS Association Internationale de Management Strat gique ClermontFerrand France 1012 avril 2013 18 Garben S 2012 The Future of Higher Education in Europe The Case for a Stronger Base in EU Law LEQS Paper No 50 19 Golden M 1988 Labor divided austerity and workingclass politics in contemporary Italy Ithaca Cornell University Press 20 IMF 2013 Country Report No 13299 21 Innovation in the National Strategic Reference Frameworks 2006 Working document of the Directorate General for Regional Policy Available at httpeceuropaeuregional policyarchiveinnovation2007innovation nsrfpdf 22 Lotti F and Schivardi F 2005 Cross Country Differences in Patent Propensity a FirmLevel Investigation Giornale degli Economisti e Annali di Economia vol 64 n 4 pp 469502 23 Manasse P 2013 Italy s challenges in the midst of the eurocrisis Working paper based on presentation at a conference on Joint workshop of Bruegel and Dipartimento del Tesoro Ministero dell39Economia e delle Finanze Rome 8 May 24 OECD 2003 Education at glance Report 25 OECD 2013 What makes civil justice effective OECD Economics Department Policy Notes No 18 June 2013 26 Olson M 1982 The rise and decline of nations economic growth stag ation and social rigidities New Haven London Yale University Press 27 Pizzorno A 1993 Le radici della politica assoluta Milan Feltrinelli 28 Safavian M and Sharma S 2007 When Do Creditor Rights Work Journal of Comparative Economics 35 3 484 508 29 Schindler M 2009 The Italian Labor Market Recent Trends Institutions and Reform Options IMF Working Paper 0947 30 Schwab K 2012 The Global Competitiveness Report 20122013 Published by the World Economic Forum Online Available at httpwwwweforumorgissuesglobalcompetitivenessindexhtml DOI 109790487X 17413239 wwwiosrjournalsorg 39 Page
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