The study examines Italy between 1935 and 1963 with reference to the high-speed structural transformation in that period, technological renovation, reconstruction after the War, Italy's participation in European integration, and the features of the Italian 'economic miracle'. The findings point to continuities in structural change and economic policy in the transition from a semi-agrarian to an industrial economy. From 1935 to 1963 the dominant strategy was neo-mercantile and implemented most forcibly by the technocrats, who had risen to great power. Thus it is the year 1963, and not 1945 or 1950, which represents the central divide in 20th century Italian economic history.