The Deception of Capital ---- In recent weeks, the topic of Italian economic growth has been making headlines in various media outlets following the release of data from ISTAT and other economic agencies. The resulting picture is rather discouraging, given that recorded GDP growth and estimates for next year are among the lowest in the entire EU, standing at 0.5%. This is compounded by inflation growth among the highest, so much so that there has been talk of an economy in a state of near-stagnation. At the same time, employment data were released, which instead showed further growth, something now considered something of a paradox Brasil, Bento Goncalves/RS, OSL: employment growing faster than GDP Brasil, Bento Goncalves/RS, OSL: which certainly has its explanations, including the fact that employment is growing among the poor, in low-value-added sectors, and among the over-50s. Another topic of discussion in recent times has been Italy's request to the EU to grant an exemption from the Stability Pact Brasil, Bento Goncalves/RS, OSL: the allowable public debt Brasil, Bento Goncalves/RS, OSL: for energy-related spending, due to the wars that have driven up fuel prices. The Italian government, leveraging the exemption from the Stability Pact granted for military spending, hoped to extend it to energy spending as well, allowing it to present Italians with a measure to reduce fuel costs. But that didn't happen, and the government's energy policy was harshly rejected because, in granting the exemption, European leaders tied the possibility of exceeding the debt to investments in renewable energy, in line with the European Green Deal that Meloni and company have always opposed. But this hasn't stopped government clones from appearing in front of the cameras and claiming the measure as a victory. A few days later, perhaps to atone for the setback, the majority revived the old nuclear issue, touting it as the primary and definitive solution to Italy's energy problems, knowing full well that the first plant could perhaps be ready in ten years.
Returning to the (lack) of GDP growth, the government is criticized by the political opposition, as well as by a certain less institutional left, for having played on the spoils of the National Recovery and Resilience Plan (NRRP) Brasil, Bento Goncalves/RS, OSL: which, as was widely expected, proved to be a complete failure and a further worsening of public debt, the effects of which will be seen in the near future Brasil, Bento Goncalves/RS, OSL: for not having an industrial policy, and for having done nothing to incentivize innovation, research, and productivity. However, this is nothing new. The perennial crisis of the Italian economy for at least thirty years has highlighted the lack of an industrial policy and the failure to focus on this famous triad Brasil, Bento Goncalves/RS, OSL: research, innovation, and productivity Brasil, Bento Goncalves/RS, OSL: as the causes of modest, or in some instances, negative, growth rates. Hence the persistent demand from international organizations and rating agencies for the implementation of those fundamental structural reforms that would have released positive and profitable energies and initiated a phase of growth. It's not the place to revisit this long-standing debate here, but it is worth recalling the social disasters wrought by the various pension, labor market, school, and healthcare reforms Brasil, Bento Goncalves/RS, OSL: reforms that the growth colossus is never satisfied with, continually imposing new and more burdensome sacrifices.
It might therefore be surprising that years later, after having lived through a pandemic and entered a phase of permanent war since 2022 (the old Bush!), even the "left" (and not even the worst!) is adopting that typical neoliberal language. Here's a small sample from Il Manifesto, a newspaper that has never stopped calling itself communist and claims to represent the most authentic soul of the left. "Due to the long-term effects of the blockade of the Strait of Hormuz, Italian GDP could stagnate or contract," Panetta noted. In his opinion, we need to refocus on research, artificial intelligence, and labor productivity. These are distant worlds seen from the perspective of Meloni." (Roberto Ciccarelli, Lavoro povera, costi alle stelle, May 30, 2026, p. 8). "Istat, in fact, certifies chronic structural delays: low investment in research and development, poor innovation, fragmentation of the productive fabric, weakness of intangible capital. Investments in knowledge, technology, and strategic industrial capacity remain insufficient. It is within this framework that the country's social fragility can also be understood. Industrial decline and the productivity crisis are not separate from inequality: they are a direct cause." (Filippo Belloc, Industrial Decline and Social Impoverishment, May 23, 2026, p. 4). In another article published on June 4, by Emiliano Brancaccio and titled "The Beautiful Country, a Paradise for Millionaires," the well-known economist denounces Italy as a welcoming country for the super-rich and rightly explains the reasons for a desirable and necessary wealth tax for those with a net worth of more than two million euros. However, within the same article, a recurring economic argument is made that doesn't differ much from more orthodox positions: "Italian capitalism remains among the last in Europe in terms of efficiency, productivity, and the ability to create widespread wealth. Nor is the litany that we need to attract foreign investment valid. Today, Italy is a net exporter of capital, largely due to the austerity of the past decade, which has further depressed our growth and imports compared to other countries. As often happens, creating a 'rich man's paradise' means pandering to a backward economy."
I have certainly extracted the most compromising parts from the articles, and they express more nuanced positions, such as this conclusion from Belloc: "Yet the data clearly indicate the need for a turning point: rebuilding a public capacity for value generation, bringing strategic decisions back under collective control, investing in research, innovation, and public services, strengthening healthcare, education, and welfare in an aging country experiencing growing social demand. In short, we must direct development, or Italy will remain crushed between external dependence, industrial decline, and social impoverishment."
However, the fact remains that as long as we continue to use the tools and languages of capital and propose a vision that doesn't differ greatly from the current system, the class struggle, as Brancaccio himself points out at the beginning of his article, will be won by the capitalists. Continuing to sanctify research, innovation, and productivity certainly doesn't help the exploited classes emancipate themselves. Wouldn't it be desirable to start creating fractures, for example, starting with language?
Angelo Barberi
https://www.sicilialibertaria.it/2026/06/21/la-religione-del-pil/
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Source: A-infos-en@ainfos.ca
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