FINANCIAL AND INDUSTRIAL OUTLOOK OF ITALY 55
These facts unmistakably prove that the healthy condition of the budget pointed out above is simply the expression of the growing economic activity of the country. They are the expo- nent of the work done by the people, a work which, as a distin- guished French writer remarks, 1 is the most eloquent refutation of those summary judgments by which the Italians are denied any spirit of enterprise or any business aptitude. If we think of the obstacles that stood in our way at the very start : natural obstacles scarcity of coal and mineral resources; historical the widely different social conditions prevailing in the various sections of the country and hampering unification ; political the tendency of a young nation to devote more time to politics than to business; financial heavy debt, scarcity of money, lack of credit ; if we think of these many obstacles, the work achieved acquires a higher significance as a test of the poten- tialities of the race.
IV.
Striking as it may seem, the work accomplished sinks into insignificance beside that which lies in store for the Italian nation.
An Italian, Francesco Nitti, certainly one of the most bril- liant minds of the younger generation, has recently outlined in a masterful way the program by which Italy might become a great industrial power. 2
In her industrial growth Italy has been greatly hampered by her natural poverty in coal and iron. Modern industry so far has depended upon coal for the supply of motor power. It is clear that, if this condition should continue, Italy could never hope to take a prominent position in the industrial movement of the world, and would be outstripped by other nations having a
tion on the subject should consult the Annuario Statistico Italiano (" Statistical Year- book of Italy"), issued by the Italian Bureau of Statistics, containing exhaustive data on the various aspects of Italian life.
- M. A. LOISEAU, "La renaissance e"conomique de 1'Italie," Revue de Paris,
January 19 and February I, 1901; one of the most important studies on modern Italy.
a F. NITTI, professor of finance in the University of Naples, Z' Italia air alba del secolo XX (Turin, 1901), a series of lectures that created quite a sensation both in scien- tific and political circles.
