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Abstract: The structure of local finance in Italy, between the end of the 1980s and the 2000s, showed a marked transformation in the capacity and modalities of support for economic growth. The cycle of public investments was affected by changes in the functions of Municipalities and Provinces, which went from being peripheral bodies of the State to subjects with their own territorial governance, and influenced by the contemporary changes in the national and international framework. The aim of this contribution is to highlight how, in a medium-long term, the study of local finance and the analysis of the evolution of the relationship amongst finance and the processes of support to the territorial development can represent a valid interpretation key of the country transformation in the last twenty years of the twentieth century and the current crisis. A composite picture emerges, in which the changes in the investments produced by the local authorities show a pro-cyclical trend, both in the expansive and in the recessionary phases. The parable of the Autonomies and local finance of the last thirty years, in its economic and political-institutional profiles, thus becomes a mirror of the difficulties experienced by the country system within the changes imposed by the new globalization. 

Keywords: Economic Development; Local Finance; Economic Systems; Monetary Union; Governance