Fall On-Campus Course Sessions: Wednesdays @ 3:10 pm, September 21, October 12, 19, and November 16

Travel Dates: Arrival on Sunday, January 8, departure on Thursday, January 19

Course Fee: $3,000 (see note on Financial Aid)

IFCs require a firm commitment and carry a financial obligation. The Add/Drop process at the start of fall term is the mechanism for any enrollment changes, and after that point, the course fee is non-refundable.

Enrollment: Limited to 45 MBA students.

Educational Objectives

Our objective is to provide students with perspectives and insight into the eighth largest economy in the world. Although it is dominated by SMEs (companies with annual revenues of below €50m make up 82% of the employed population, and account for 92% of the active companies in the national economy), Italy is the second largest manufacturer and the second largest European exporter. Students will learn how Italy’s companies – that include some iconic brands that leverage the powerful “Made in Italy” label - have found a way to compete in a global marketplace through innovation, design, openness to trade, quality, as well as internationalization, and strategic flexibility. Italy’s family capitalism has shown it can evolve and adjust to a changing world. Students will analyze how it has done so even against longstanding structural, macroeconomic, political, and governance issues that have slowed economic growth, especially since the GFC. This is a particularly opportune time to study the country since it is living a moment of rare national unity with a new government - headed by Mario Draghi, the widely respected former Head of the European Central Bank - supported by the majority of parties across the political spectrum. Having suffered heavily from COVID-19 in part because of its large elderly population (Italy has one of the highest life expectancies in Europe), the country will be the largest recipient of funds from the novel €795bn Next Generation EU recovery package that will allow unprecedented investment in digitalization, the green economy, education, and health.

Ranked first in cultural heritage in most rankings and endowed with historical cities, world-renowned cuisine, and geographic beauty, it is one of the top three most visited countries in Europe year in year out, with tourism making up 13% of GDP. Amid such rich cultural heritage lay the foundations of the birth and development of modern capitalism to which Italy has made unique contributions. This course will give a unique and fascinating opportunity to understand and see these first-hand.

Course Content

Classroom Sessions: The course will meet for four on-campus sessions during the fall semester, which will include case discussions and interactive lectures. The goals of the classroom sessions are to (1) provide an overview of the historical evolution and the present business, economic and political situation in Italy, (2) explore examples of how Italian companies innovate and compete, (3) gain an understanding of the structure of the Italian industrial landscape setting, (4) analyze the opportunities and issues of investing in the country and (5) understand the role of Italy in the birth of modern capitalism, including the history of double accounting, banking and its impact on trade and the arts. While on campus, we will visit Baker Library’s Medici Collection, comprising more than 150 ledgers and other manuscript volumes from the late 14^th to the early 18^th century that shed extraordinary light on the business and personal activities of six generations of one branch of Florence’s Medici family.

Activities while in Italy: We will be visiting Milan from January 8 to January 12 and Florence from the 12 to the 19. Milan is Italy’s economic and financial capital, whereas Florence is home to some of luxury’s famous brands and the cradle of the Renaissance that played a pivotal role in the birth of modern capitalism. We will be meeting with CEOs, entrepreneurs, investors (fund managers and private equity), US diplomats, historians, academics, and HBS alumni for interactive sessions. We will tour selected companies and factories (including a day trip from Florence to Ferrari and Lamborghini), retail outlets, as well as the extraordinary archives of Banca Montepaschi di Siena (founded in 1472), the oldest surviving bank in the world. We will carve some time in each city for the inevitable need for shopping that Italy elicits in all its visitors.

Deliverables: Students will work in small teams to prepare a group presentation that examines one of the aspects of the course content to be delivered to the entire group at the conclusion of the program. Teams should expect to submit a written paper. Each student will submit a one-page reflection paper within one week after returning to campus.

Course Credit and Fees

Students will receive 3 credits upon successful completion of this course.

HBS will provide logistical support for the immersion (including accommodations, select meals, and local travel arrangements). Students will be charged a course fee of $3,000 towards defraying a portion of these costs. Students are responsible for booking and paying for their own round-trip air travel and any costs associated with required visa documentation and immunizations. Students should ensure adequate processing time for all visas, as travel fees are not refundable if a student does not secure visas on time.

For detailed information about what the course program fee includes and excludes, as well as information about student accommodations, please visit the GEO website or email geo@hbs.edu.

Financial aid is available in the form of a student loan, a need-based HBS Scholarship, or a combination of both depending on the student’s individual circumstances. Please review the quick self-Assessment tips to determine your eligibility. Contact finaid@hbs.edu for more information.

This course overlaps with SIPs, and therefore students will be unable to attend both.

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