Abstract

The role of the legal system in the working of the economy is important. This is especially true in Italy's case. Uncertainty is a major handicap for a modern monetary market economy. Empirical analysis confirms that countries' economic performance is powerfully influenced by the legal system and how it is perceived by economic agents. There appears to be considerable scope for improving the legal framework within which the Italian economy operates - and even more the opinion in which it is held by economic agents. The key areas in this respect are company law, bankruptcy law and labour law, together with competition law and the rules governing civil proceedings. The obstacles to progress do not appear insuperable.