| Summary: | <p class="FreeForm">The article provides brief reflections on the real and financial division of labor at the local level, with particular reference to Italy’s dualistic situation. The starting point is the finding of a large and persistent territorial divarication, across large subnational areas, between savings and investment. Important implications are drawn for the Italian financial structure, which has a decisive role in the processes of finance and adjustment of real imbalances not only among operators in surplus and deficit - something commonly taken into account - but also between regions. In this context, it is certainly relevant to ask whether the dualism in levels of development between the South and the rest of the country coexists and interacts with a corresponding financial dualism. Furthermore, how does the territorial distribution of productive activities and of the financial structure evolve? The author addresses these central questions.</p><p class="FreeForm"> </p><p class="FreeForm"><strong>JEL Codes:</strong> O16, O52</p><p class="FreeForm"> </p>
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