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Significant changes are occurring in the composition of this trade. More value-added products such as office machinery and aircraft are becoming the principal U.S. exports to Italy. The change reveals the growing sophistication of the Italian market, and bilateral trade should expand further. In 2000 the United States imported about $24.5 billion in Italian goods while exporting about $12.4 billion in U.S. goods to Italy. U.S. foreign direct investment in Italy at the end of 1999 exceeded $14.1 billion.

Italy has a diversified industrial economy with roughly the same total and per capita output as France and the United Kingdom. This capitalistic economy remains divided into a developed industrial north, dominated by private companies, and a less developed agricultural south, with 20% unemployment. In comparison to its western European neighbours, it has a high number of small to medium sized enterprises (SMEes).

After the invasion of Soviet Union failed (1941-42), and the United States entered the war (December 1941), the situation for the Axis started to deteriorate. In May 1943 the Anglo-Americans completely defeated the Italians and the Germans in North Africa, and in July they landed in Sicily. King Victor Emmanuel III reacted by arresting Mussolini and appointing the army chief of staff, Marshal Badoglio, as Prime Minister.

The 11th century signed the end of the darkest period in the middle ages. Trade slowly picked up, especially on the seas, where the four Italian cities of Amalfi, Pisa, Genoa and Venice became major powers. The papacy regained its authority, and started a long struggle with the empire, about both ecclesiastical and secular matter. The first episode was the Investiture controversy.

The Guardia di Finanza (a specialised police for tax and financial crimes) is also a military corps, but it is going to be transformed, expectedly in a short time, into a civil administration, as previously happened for the State Police, Forestry Police and Prisons Police.

Italy has worked closely with the United States and others on such issues as NATO and UN operations as well as with assistance to Russia and the New Independent States, Middle East peace process, multilateral talks, Somalia and Mozambique peacekeeping, and combating drug trafficking, trafficking in women and children, and terrorism.

In the fifties Italy became a member of the NATO alliance and an ally of the United States, which helped to revive the Italian economy through the Marshall Plan. In the same years, Italy also became a member of the European Economical Community (EEC), which later transformed into the European Union (EU).

The musical influence of Italian composers Palestrina, Monteverdi, Corelli and Vivaldi proved epochal; in the 19th century, Italian romantic opera flourished under composers Gioacchino Rossini, Giuseppe Verdi, and Giacomo Puccini. Contemporary Italian artists, writers, filmmakers, architects, composers, and designers continue to contribute significantly to Western culture.

At the end of the 8th century the popes definitely aspired to independence, and found a way to achieve it by allying with the Carolingian dynasty of the Franks: the Carolingians needed someone who could give legitimacy to a coup against the powerless Merovingian kings, while the popes needed military protection against the Lombards. As a result, in 774 the Franks invaded and defeated the Lombards, and their leader Charlemagne was proclaimed legitimate king of the Franks by the pope. Later, in 800, Charlemagne was also crowned emperor of the Holy Roman empire by the pope; the new emperor (who was never recognized as such by the Byzantines) immediately conceded direct rule over central Italy to the pope, creating the Papal States.

From 1861 until 1922, Italy was a constitutional monarchy with a parliament, mostly elected with restricted suffrage (in 1913, the first universal male suffrage election was held). The so called Statuto Albertino, which Carlo Alberto conceded in 1848 remained unchanged, even if the kings usually abstained from abusing their extremely large powers (for example, senators were not elected but chosen by the king). The new state faced immense problems, both because of the widespread poverty and illiteracy (especially in the south), and the deep cultural differences (for example, there existed no common language) between the various parts of Italy: there were even peasant insurrections asking for the return of former rulers.

Italy has few natural resources. With much of the land unsuited for farming, it is a net food importer. There are no substantial deposits of iron, coal, or oil. Proven natural gas reserves, mainly in the Po Valley and offshore Adriatic, have grown in recent years and constitute the country's most important mineral resource. Most raw materials needed for manufacturing and more than 80% of the country's energy sources are imported. Italy's economic strength is in the processing and the manufacturing of goods, primarily in small and medium-sized family-owned firms. Its major industries are precision machinery, motor vehicles, chemicals, pharmaceuticals, electric goods, and fashion and clothing.

Football is the main national sport and the Italians are well known for their passion for this sport. Italy has won the Football World Cup three times: in 1934, 1938 and 1982.

The Italian economy has changed dramatically since the end of World War II. From an agriculturally based economy, it has developed into an industrial state ranked as the world's fifth-largest industrial economy. Italy belongs to the Group of Eight (G-8) industrialized nations; it is a member of the European Union and the OECD.