The Ups and Downs of Italy

Venice, the Falling City of Italy

Venice was once an economic powerhouse from the 8th to the 15th century. As the city stopped the Norman invasion in the 10th century, Constantinople offered duty free access to some Byzantine ports, as well as property rights protection from Byzantine authorities. Thanks to its geographic position, it served as the east-meets-west gateway and became a trading city.

“Colleganza” was one of the joint stock company examples, which contributed to its success. Investors provided capitals, while traveling merchants sailed abroad and sold the goods. Profits were split in a pre-arranged manner. Yet, the power of elites was threatened by the inclusive institutions, thus choking off the competition and ending Venice's dominance.

This imperial power thrived after the Crusade, but failed to sustain its glory following the Black Death, which killed 200k citizens. It lost its position as the center for international trade to Portugal during the Age of Discovery. Once taken by Napoleon and the Austrians in 1798, the faded empire became part of Italy in 1866, currently as the capital of the Veneto region.

Today, the tourism industry has a significant contribution to its economy, accounting for over 10% GDP annually. Rialto Bridge, Venetian Lagoon and the Gondola brings tourists closer to its past. If over tourism in both Saint Mark's Basilica and Square is a concern, why not immerse yourself into more than 100 islands, glimpsing those glittering over the sea?

Milan, the Rising City of Italy

Unlike Venice, Milan cannot cling to its past. Most of its infrastructure was destroyed by the bombings and fires during the world war. How did it become the economic center of Italy, generating one-tenth of the country’s GDP? Situated in the middle of several major motor and railway corridors crossing the Po Valley, it connects Italy to the rest of Europe.

Owning 3 international airports, namely Linate, Malpensa and Orio al Serio, allows this northern city to accommodate 35 million passengers every year. Not to mention Malpensa is Europe’s tenth-largest air cargo hub. As a result, transportation and logistics became a significant factor, fostering the overall economic activity of Lombardy’s capital city.

Home to Italy’s main stock exchange, Milan has a high concentration of companies from different industries. As a global fashion center, it has over 12k companies, with famous brands headquartered. One can find the most luxurious boutiques in Galleria Vittorio Emanuele II, a shopping arcade built in the 19th century, which is nicknamed Milan’s drawing room.

Place your heel between the hind legs of the Dancing Bull. Turn around 3 times with eyes closed. This mosaic brings you not only good fortune, but also a new perspective of Milan. With 600 years in the making, Milan Cathedral was adorned with 135 spires and 3400 statues, wowing the crowds with its extravagant detail, reflecting how creative and ambitious Milan is.