Three are the preconditions of the reconstructed events. Firstly, the Kingdom of Italy was established in 1861 and at that time it was lire 2,5 millions in debt and its value was expected to rise extremely in one year. Secondly, the country was Liberal in outlook and then the private property right represented one of the theoretical and practical structures of the society. Finally, the State owned an incredible real estate inherited from the preunification Italian Kingdoms. The "obvious" combination of these elements produced a severe denationalization. Over two decades governments squandered a remarkable national wealth without achieving the financial, economic, and social desired results. Even though the privatization of the state property provoked a public outcry, the ruling classes officially - and partially - recognised the critical condition of those forced sales only at the end of the century.
Keywords: Italia, Ottocento, Liberalismo, Debito pubblico, Beni demaniali, Privatizzazione.