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Genoa: Difference between revisions
Add 20th century Genoese politics (dictatorship, banking crisis, etc)
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Continued favorable relations between Spain and Genoa allowed the Genoese to be multiple granted trade charters in the city throughout the 16th and 17th centuries. In 1757, the city was officially transferred to Genoa through the Treaty of Genova, as a Spanish gesture of goodwill for Genoa's banking support to Spain during the [[History of Europe#Great Silesian War (1750-1755)|Great Silesian War]]. Although this treaty had confirmed the Genoese ownership of the city, Genoese merchants already had de facto control over trade and governance in Panama decades before.
It was also in 1757 that Austria granted Genoa the island of ''Sainte-Lucie'' (which they renamed to [[Saint George]] Island), which was taken from [[France]] after the Great Silesian War. A portion of Saint George's economic success from its sugarcane plantations went to the development, expansion, and further fortification of the City of Panama.
==== The Panama Canal ====
Since the mid-19th century, the governments of Colombia, Mexico, and Genoa had plans of a joint-effort canal project in the Isthmus of Panamá. Enthusiasm for the planned canal came from the need to escape the trade embargoes imposed upon the Latin American countries by the [[Netherlands|Kingdom of the Netherlands]] and [[New Netherland]], as well as the need for a shorter route from the Caribbean Sea to the Pacific Ocean. The project had used Genoa (through Panama) as the banking base for its financial aspects, and had a several engineers from Genoa involved. At the same time, the Dutch nations were building a separate canal in [[Boschland]], Central America. However, the Panama Canal was completed a few months before the Dutch canal was.
=== 20th century history ===
==== Military dictatorship ====
During the [[Great War|Great War (1935-1939)]], a faction within the Genoese grand council (dubbed the Tripartists) advocated for Genoa to form an alliance with [[France]] and the [[Ottoman Empire]], declare war on their rival [[Venice]], and annex Venetian territory in order to claim dominance in the Italian region. The rest of the council, on the other hand, did not approve any resolutions calling for war. As a result, on August 3, 1937, the Tripartist faction, led by military leader Nicolo Chiossone, staged a military coup. However, Chiossone was unable to carry out his plans to declare war on Venice after being confronted with the realities of Genoese military's poor state.
Following the Great War, Genoa was politically and diplomatically isolated from the rest of Europe. When the Cavendish Affair was revealed in 1945 (a conspiracy to restore the monarchy in France, where Genoese banks were implicated), anti-Genoese sentiment rose across Europe, and the demand for Genoese banking services and products plummeted. Genoa had incurred a huge trade deficit, importing most of its goods. Between 1946 and 1945, the value of the Genoese currency took a steep decline, resulting in hyperinflation and widespread panic among the populace. Between 1950 and 1955, food prices had increased twentyfold. The poor state of the Genoese economy resulted in massive capital flight, bank runs, and further deterioration of the economy.
==== Loss of territory ====
===== Corsican Independence =====
Corsica's 1951 declaration of independence from Genoa made this situation worse. Chiossone's government made numerous attempts to recover Corsica; however, Venice had guaranteed Corsican independence a few months later, which made Chiossone reluctant to launch an invasion to retake the island. Corsican independence was also eventually recognized by the two most dominant world powers, [[United Kingdom|Great Britain]] and [[Russia]].
===== Colombian Takeover of Panama and the Genoese Pacific =====
The Genoese Pacific colonies were also affected by the Genoese economic turmoil. After Genoa was unable to supply them with basic goods and services, a humanitarian crisis erupted in the Pacific. The Colombian government used this as justification to occupy the islands in order to save them from collapse. The Colombian occupation was condemned by Chiossone's government. Furthermore, the economy was made worse by the Colombian government's acquisition of Genoese investors' shares in the Panama Canal. By 1958, the city-state of Panama has become a de facto puppet state of Colombia, with Genoa unable to effectively control the city.
In order to improve the financial situation, Genoa sold Mahe, their last foothold in India, to the Carnatic in 1955.
Throughout 1955-1960, massive populist strikes in Genoa devolved into riots, effectively forcing Chiossone to resign. Genoa's democracy was restored, and a new constitution was established. {{Nations of the World}}
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