Gustavo Del Vecchio was an Italian
economist An economist is a professional and practitioner in the social science Social science is the branch A branch ( or , ) or tree branch (sometimes referred to in botany Botany, also called , plant biology or phytology, is the s ...

politician A politician is a person active in party politics A political party is an organization that coordinates candidate A candidate, or nominee, is the prospective recipient of an award or honor, or a person seeking or being considered for some ...

, and
academic An academy (Attic Greek: Ἀκαδήμεια; Koine Greek Ἀκαδημία) is an institution of secondary education, secondary or tertiary education, tertiary higher education, higher learning, research, or honorary membership. Academia is the ...


Early life

Gustavo Del Vecchio was born in
Lugo Lugo ( , ; la, Lucus Augusti) is a city in northwestern Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = , national_anthem = , image ...
on June 22, 1883, in the
Kingdom of Italy The Kingdom of Italy ( it, Regno d'Italia) was a state that existed from 1861—when King Victor Emmanuel II en, Victor Emmanuel Mario Albert Eugene Ferdinand Thomas , house = House of Savoy, Savoy , father = Charles Albert o ...
. His family were members of the
Jewish community of
Jewish community of
Lugo. On June 21, 1887, when Del Vecchio was three years old, his father, Cesare, was murdered by another employee at his company.Sante Medri, ''Gustavo Del Vecchio. Dalla vicenda umana alla Scienza economica'', in « Studi Romagnoli », Anno LVII, 2006, . His mother, Beatrice Cavalieri, decided to move to
Bologna Bologna (, , ; egl, label=Bolognese Bologna (, , ; egl, label=Bolognese dialect, Bolognese, Bulåggna ; lat, Bonōnia) is the capital and largest city of the Emilia-Romagna region in Northern Italy. It is the seventh most populous ...

with her children. Gustavo attended school there from primary to high school..


In 1900, he enrolled in the Faculty of Law in Rome's Sapienze University. One of his first teachers was
Arturo Labriola Arturo Labriola (; 21 January 1873 – 23 June 1959) was an Italy, Italian revolutionary syndicalism, syndicalist and Socialism, socialist politician and journalist. Biography Early political activity (until 1897) Labriola was born in Naples o ...

Arturo Labriola
, a professor of philosophy and history. The next year, Del Vecchio came back to Bologna where he continued his law studies at the
University of Bologna The University of Bologna ( it, Alma mater studiorum - Università di Bologna, UNIBO) is a research university A research university is a university A university ( la, universitas, 'a whole') is an educational institution, institution of hig ...
. One of the people he studied with was economist Tullio Martello, who is well known for his participation in the Expedition of the Thousand. In 1904, at 21 years old, Del Vecchio graduated with a thesis on monopolies. He went on to complete his studies in England and the Humboldt University of Berlin. Del Vecchio served as a volunteer during the World War I, First World War. After the war ended, he took up teaching economics at the Higher Institute of Economics and Business in Trieste from 1920 to 1926, moved on to the
University of Bologna The University of Bologna ( it, Alma mater studiorum - Università di Bologna, UNIBO) is a research university A research university is a university A university ( la, universitas, 'a whole') is an educational institution, institution of hig ...
in 1926 and then at Bocconi University of Milan in 1930. Gustavo Del Vecchio issued several publications on his research. In 1909, he began working for an academic journal named ''Giornale degli economisti e Annali di economia''. His research on money and credit was published as ' (1932). He served as editors for ''Econometrica'', ''Economia'', ''Beiträge zur Ökonomischen Theorie'', ''Economia Internazionale'', and ''Rivista bancaria.'' Up until 1933, he managed to avoid joining the Italian Fascist Party, which made membership mandatory for Italian professors. In 1934, he became rector for Bocconi University. On September 18, 1938, the fascist regime of Benito Mussolini proclaimed the Italian racial laws, racial laws. Del Vecchio, who was Jewish, was promptly kicked out of his offices. Forced to abandon teaching, he immigrated in 1943 to Switzerland. He remained there until the fall of Italy in 1945 when he returned to his office in Bologna. After the World War II, Second World War, Gustavo Del Vecchio became involved in government decisions, primarily on economic matters. He served as advisor to Meuccio Ruini, a Minister of Reconstruction of Liberated lands under the Parri Cabinet, Parri cabinet (June–December 1945). He opposed the concept of a global wealth tax. In 1947, he served as Italian Minister of Treasury, Minister of the Treasury for De Gasperi IV Cabinet, De Gasperi's fourth cabinet (31 May 1947 - 23 May 1948). He was the Acting (law), interim Italian Minister of Budget, Minister of Budget after Luigi Einaudi was elected president. Del Vecchio worked to stabilize the Italian lira, lira and halt inflation, and in August 1947, he became president of the Interministerial Committee on Credit and Savings. In 1948, he received the chairs of finance and financial law from La Sapienza in Rome, which he occupied until 1958. From 1948 to 1950, he held the post of a governor of the International Monetary Fund, and from 1958, he was a member of the National Council for the Economy and Labour. Gustavo Del Vecchio died in Rome on September 6, 1972, at the age of 89.

Notable pupils

* Federico Caffè


* (it) ''Lineamenti generali della teoria dell'interesse'', Rome, Athenaeum, 1915. * (de) ''Grundlinien der Geldtheorie'', Tübingen, Mohr, 1930. * (it) ''Capitale e interesse'', Turin, Einaudi, 1956. * (it) ''Economia generale'', Turin, UTET, 1961.



* Federico Caffè, ''Antologia di scritti di Gustavo del Vecchio nel centenario della nascita'', Milan, Franco Angeli, 1983. (in Italian) * ''Gustavo Del Vecchio'' in AA. VV., Biografie e bibliografie degli Accademici Lincei, Rome, Acc. dei Lincei, 1976, . (in Italian) * Gianfranco Tusset, ''Money as Organization, Gustavo Del Vecchio's Theory'', Londres, Pickering & Chatto, 2014. * Alberto Zanni, Gustavo Del Vecchio, ''Teoria e storia di un mediatore di cultura'' in « Revue Internationale d'Histoire de la Banque », nn. 26–27, 1983, . (in Italian)

External links

{{Authority control University of Bologna faculty Bocconi University faculty Sapienza University of Rome faculty Sapienza University of Rome alumni University of Bologna alumni Humboldt University of Berlin alumni Italian economists 1883 births 1976 deaths Jewish Italian politicians People from Lugo, Emilia-Romagna Kingdom of Italy people Italian emigrants to Switzerland International Monetary Fund people 20th-century Italian politicians