Italian credit cooperatives from 1918 to 1945

This essay outlines and analyzes the evolution of the Italian credit cooperative system during the first half of the twentieth century. The analysis is conducted through a study of the documents from the archives of the Bank of Italy and through an analytical review of the contribution of other authors. In the interwar period, the entire Italian banking system went through a financial crisis that has led to a legislative reorganization that has profoundly changed its inner structure. During this “dark period”, the credit cooperatives suffered from several internal structural weaknesses and from the overall weaknesses of the economy. This has resulted in, amongst other things, a substantial contraction of the cooperative credit system. Here it is claimed, in spite of the mentioned difficulties, the result of this process has been the gain of credibility of the Italian credit cooperatives, even outside of the rural world. This vitality has allowed the Italian credit cooperatives to stand on an equal footing with other credit institutions.