Italy's got talent. How Italian leading companies in confectionery industry overcame the crisis

The crisis that spread worldwide since 2007 started from the financial sector and ended to affect also real economy. This process has attracted the attention of many scholars seeking to study its causes and impacts. Notwithstanding many works on this topic, the impact of the crisis on specific industries is still rather unexplored. The present work seeks to address this issue by analyzing the confectionery industry, with particular emphasis for Italian market leaders, Ferrero S.p.A. and Perfetti Van Melle S.r.l.. The aim of the study is to assess if they have been successful in tackling the crisis, keeping a satisfactory level of profitability associated to a good financial health notwithstanding ongoing difficulties. Moreover, we seek to analyze the strategies the companies employed to survive the crisis. The concern of the paper is both quantitative and qualitative. Thus, we calculated a complete set of indicators using a specific methodology for financial statement analysis which has been conceived especially for studying Italian firms; these data have been integrated with other information retrieved from the annual reports of the companies (especially the notes to the accounts and the directors’ report). The analysis highlights that both the firms benefit from a good financial health, with Perfetti Van Melle presenting a large amount of liquidity. On the contrary, liquidity should be the main concern of Ferrero because of an excessive reliance on current liabilities. Both the firms have a good level of profitability, even if Perfetti Van Melle’s one is decreasing. The key-strategies for the success of these firms are ongoing investments in state-of-the-art plant and machinery, an increasing use of equity as the main source of funding, along with huge investments in research and advertising.

Italian Canzone d'autore and Greek Entechno tragoudi: a comparative overview

‘Canzone d’autore’ is the name that a vast community of Italian music critics, authors, per-formers, producers agreed upon in the mid-1970s, to describe the Italian singer-songwriter genre. Singer-songwriters, who had been missing from Italian popular music – with very few exceptions – until the late 1950s, had become increasingly popular after 1958, and were dubbed ‘cantautori’ in 1960. The term, which propagated to Spain, Catalonia, and Latin Amer-ica, is still in use, but ‘canzone d’autore’ superseded it as a genre label, highlighting the con-nections between authorship and artistic value, implied in the already established notion of ‘Cinéma d’auteur’ from which it was derived.

The expression ‘entechno laiko tragoudi’ (‘art-folk song’) was coined in Greece by Mikis The-odorakis in the 1950s, to describe a new music genre combining the urban-folk musical idi-om with lyrics coming from high-art poetry. Although the origins of the genre are tied to the work of composers like Theodorakis and Hatzidakis who did not perform as singers, from the 1970s onwards entechno became the privileged field of new generations of Greek singer-songwriters. Dropping ‘laiko’ (folk) from its label, entechno expanded its musical influences outside the urban-folk repertory and transformed into the more all-encompassing contempo-rary ‘art song’.

Benevolent Patriotism: Art, Dissent and the American Effect

This article examines the role of contemporary art in a post-9/11 context through The American Effect exhibition at the Whitney Museum of American Art in New York in 2003. This exhibition displayed a range of artworks from around the world that specifically engaged with, commented upon and interrogated the USA's pre-eminent position as a global superpower. In the politically charged climate after 9/11, the exhibition offered itself as a critical voice amid the more obvious patriotic clamour: it was one of the places where Americans could ask (and answer) the question, `Why do they hate us so much?' Although The American Effect claimed to be a space of dissent, it ultimately failed to question, let alone challenge, US global hegemony. Instead, the exhibition articulated a benevolent patriotism that forced artwork from other nations into supplicating and abject positions, and it obscured the complex discursive networks that connect artists, curators, critics, audiences and art museums.