Another successful example is Cerutti, a maker of sophisticated printing presses based in Casale Monferrato, near Turin.

ECONOMIST: So easy to pinpoint what is wrong, so hard to put it right

Now there is just one other maker of big printing presses, and Cerutti has almost 60% of the world market.

ECONOMIST: So easy to pinpoint what is wrong, so hard to put it right

Its chief executive, Giancarlo Cerutti, remembers that when his father founded the firm after the second world war, it had seven rivals.

ECONOMIST: So easy to pinpoint what is wrong, so hard to put it right

After a false start, Simeon Williamson (6.57s) was edged out of the medals into fourth by Italian pair Fabio Cerutti and Emanuele Di Gregorio.

BBC: Chambers storms to gold in Turin

The gold medal was never in any doubt for Chambers despite having two in-form Italians, cheered on by the local crowd, breathing down his neck, with one tenth of a second separating the Briton and second-placed Cerutti.

BBC: Chambers storms to gold in Turin