The article analyzes the evolution of the gap between the Centre-North and the South of Italy during the transition from the Fordist techno-economic paradigm to the learning economy paradigm, and the consequent impact on development policies. According to the discussed hypothesis, in order to support the South of Italy in overcoming the middle-income trap, it appears necessary to shift from convergence policies to innovation policies. The former, at least during a certain phase of the Extraordinary Intervention, triggered a catching-up dynamic in the southern economy. However, over time, the South gradually lost its push towards convergence, leading to a situation where it fell into the middle-income trap. The presence of multiple deficits, both in the national innovation system and in regional systems, significantly limits the development potential in the South area.