A flexible economy is an economy which constantly adapts, one which is capable of taking advantage of technological progress, of the opportunities offered by the changes taking place in the global economy. The economies which are more flexible have more growth and more jobs for themselves and their children. In Europe today, it’s the more flexible economies which have achieved full employment.
To retain its importance as a leading trading and financial centre, Venice encouraged the excavation of Suez Canal, but without success.4 Moreover, Venice failed to modernise its naval force, which was not equipped to navigate in oceanic waters.