The paper presents a political economy approach, aimed at achieving a better understanding of macro social change, with special reference to the case of contemporary Italy. The political economy framework outlined in the paper stresses the systemic nature of societal processes, starting from the changes occurring in economic activities, the division of labor, and class and regional forces in the aftermath of World War II. In this context, the public sector and, in particular, the class of political entrepreneurs and mediators has played a key role in the rise and the incipient demise of the Italian pattern of development. Finally, as far as the cultural sphere is concerned, the model outlined here focuses on religion and mass media as other relevant factors in a success story, which is now turning into decline.