Gustavo Del Vecchio | |
|---|---|
 | |
| 5th Italian Minister of Treasury | |
| In office 6 June 1947 – 24 May 1948 | |
| Preceded by | Luigi Einaudi |
| Succeeded by | Giuseppe Pella |
| Personal details | |
| Born | 22 June 1883 |
| Died | 6 September 1972(1972-09-06) (aged 89) |
Gustavo Del Vecchio (22 June 1883 – 6 September 1972) was an Italian economist, minister, and academic.
Gustavo Del Vecchio was born inLugo on 22 June 1883 in theKingdom of Italy. His family were members of theJewish community of Lugo.[1]
On 21 June 1887, when Del Vecchio was three years old, his father, Cesare, was murdered by another employee at his company.[2] His mother, Beatrice Cavalieri, decided to move toBologna with her children. Gustavo attended school there from primary to high school.[3]
In 1900, he enrolled in the Faculty of Law in Rome'sSapienze University. One of his first teachers wasArturo Labriola, a professor of philosophy and history. The next year, Del Vecchio came back to Bologna where he continued his law studies at theUniversity of Bologna. One of the people he studied with was economistTullio Martello, who is well known for his participation in theExpedition of the Thousand. In 1904, at 21 years old, Del Vecchio graduated with a thesis on monopolies. He went on to complete his studies inEngland and theHumboldt University of Berlin.[3][4]
Del Vecchio served as a volunteer during theFirst World War. After the war ended, he took up teaching economics at the Higher Institute of Economics and Business inTrieste from 1920 to 1926, moved on to theUniversity of Bologna in 1926 and then atBocconi University of Milan in 1930.[3]
Gustavo Del Vecchio issued several publications on his research. In 1909, he began working for an academic journal namedGiornale degli economisti e Annali di economia. His research on money and credit was published asRicerche sopra la teoria generale della moneta (1932). He was one of the contributors of the Fascist political and finance magazineLo Stato from 1930[5] and served as editors forEconometrica,Economia,Beiträge zur Ökonomischen Theorie,Economia Internazionale, andRivista bancaria.[3][4]
Up until 1933, he managed to avoid joining theItalian Fascist Party, which made membership mandatory for Italian professors. In 1934, he became rector for Bocconi University.
On 18 September 1938 the Fascist regime ofBenito Mussolini proclaimed theracial laws. Del Vecchio, who was Jewish, was promptly kicked out of his offices. Forced to abandon teaching, he immigrated in 1943 toSwitzerland. He remained there until the fall of Italy in 1945 when he returned to his office in Bologna.[3]
After theSecond World War, Gustavo Del Vecchio became involved in government decisions, primarily on economic matters. He served as advisor toMeuccio Ruini, a Minister of Reconstruction of Liberated lands under theParri cabinet (June–December 1945). He opposed the concept of a globalwealth tax. In 1947, he assumed title ofMinister of the Treasury forDe Gasperi's fourth cabinet (31 May 1947 - 23 May 1948). He was theinterimMinister of Budget afterLuigi Einaudi was elected president. Del Vecchio worked to stabilize thelira and halt inflation, and in August 1947, he became president of the Interministerial Committee on Credit and Savings.[3][2]
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 theInternational Monetary Fund, and from 1958, he was a member of the National Council for the Economy and Labour.[3]
Gustavo Del Vecchio died in Rome on 6 September 1972, at the age of 89.[3]
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