I've been living in Italy for two years now and I have to say I don't see this resistance to the capitalist world you assert they have. In the North, where I live, the economy is large and lively, people are rich, and they work hard. There is, of course, a palpable difference between the way of life here and in Northern Europe, but it isn't as big as I think most people expect (the food and coffee are better). It feels very similar to a typical European capitalist economy.

Of course, that's only half of the story. Southern Italy, despite it's idyllic landscapes and hedonism, has some serious economic, demographic, and social problems and they don't deny it. I have never felt they wore it as a badge of honor to signify some inner nobility, as you posit. Most Italians I've talked to want to solve these problems and believe they're actively working to do it. They don't feel the fact that they enjoy a good quality of life impedes their ability to develop a strong economy - they think the best of both worlds is possible.