In 2011, Edoardo Nesi – a former industrialist in the Prato textile district – won the most prestigious Italian literary prize for his autobiographical novel Storia della mia gente, a book centered on the contrast between Prato’s past industrial success and present decline. Nesi has since become a regular contributor to Corriere della Sera, among other newspapers, and with his following book, Le nostre vite senza ieri, he has further emphasised his role as a public intellectual. In Nesi’s view, Italy’s participation in the global economy has exposed Italian manufacturers to a level of competition that they were not ready to meet. This disadvantage, Nesi contends, was exacerbated by the adoption of the euro, which put an end to the former practice of using monetary policy to offset trade deficits. As a result, many firms lost market shares, and the Prato textile district ended up being largely taken over by Chinese businesses. This paper criticises Nesi’s account of the Italian industrial decline. In particular, it argues that his sympathetic view of the former political-industrial system is mostly an expression of self-complacency and does not positively contribute to the current debates on the Italian economic crisis.