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.
Granted, I am conflating Northern and Southern Italy and most of my knowledge of both is from Italian expatriates who have deliberately left Italy to work in other countries due to dissatisfaction with the conditions there.
As for "They don't feel the fact that they enjoy a good quality of life impedes their ability to develop a strong economy," they could simply be wrong. Certain aspects of traditional cultures (e.g. long meal times and afternoon nap times) may simply be incompatible with increased productivity. You may want to have both, but this may be impossible.
"Nobility" may not be the best word to use, but certainly there is something laudable about valuing the family highly, etc. I would, however, posit that aspects of what this means in the present world indicate that you can't have all of the aspects of a traditional world (e.g long meal times, living with your grandparents) and expect economic improvement.
From what I've seen the long meals and afternoon naps are a myth (even in Spain people don't do that anymore). In fact, I'm willing to assert Italians work harder than the French. They have a 40 hour work week (the French have 35) and three weeks vacation (5 in France, by law). The French are exactly as hedonistic as the Italians, so whatever incompatibilities the Italian way of life has with a strong economy, they would be a factor in France as well. However, I have yet to read the article or comment on HN supporting the urgent need to completely restructure the French economy.
When I came to work in th US I was actually totally surprised that americans work so many hours less. In northern Italy it's unthinkable to go he at 5PM.
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.