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Luigi Einaudi

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Luigi Einaudi
Official portrait, 1948
President of Italy
In office
12 May 1948 – 11 May 1955
Prime MinisterAlcide De Gasperi
Giuseppe Pella
Amintore Fanfani
Mario Scelba
Preceded byEnrico De Nicola
Succeeded byGiovanni Gronchi
Deputy Prime Minister of Italy
In office
1 June 1947 – 11 May 1948
Prime MinisterAlcide De Gasperi
Preceded byOffice established
Succeeded byGiovanni Porzio
Minister of the Budget
In office
6 June 1947 – 11 May 1948
Prime MinisterAlcide De Gasperi
Preceded byOffice established
Succeeded byGiuseppe Pella
Governor of the Bank of Italy
In office
5 January 1945 – 11 May 1948
Preceded byVincenzo Azzolini
Succeeded byDonato Menichella
Parliamentary offices
Member of the Senate of the Republic
Life tenure
11 May 1955 – 30 October 1961
Member of the Constituent Assembly
In office
25 June 1946 – 31 January 1948
ConstituencyItaly at-large
Member of the Senate of the Kingdom
In office
6 October 1919 – 24 June 1946
Appointed byVictor Emmanuel III
Personal details
Born(1874-03-24)24 March 1874
Carrù, Piedmont, Kingdom of Italy
Died30 October 1961(1961-10-30) (aged 87)
Rome, Italy
Political partyItalian Liberal Party
SpouseIda Pellegrini
Alma materUniversity of Turin

Luigi Numa Lorenzo Einaudi OMRI (Italian: [luˈiːdʒi eiˈnaudi]; 24 March 1874 – 30 October 1961)[1][2] was an Italian politician and economist. He served as the president of Italy from 1948 to 1955 and is considered one of the founding fathers of the Italian Republic.

Early life[edit]

Einaudi was born to Lorenzo and Placida Fracchia in Carrù, in the province of Cuneo, Piedmont.[3] In Turin he attended Liceo classico Cavour and completed his university studies; in the same years he became acquainted with socialist ideas and collaborated with the magazine Critica sociale, directed by the socialist leader Filippo Turati. In 1895, after overcoming financial difficulties, he graduated in jurisprudence, and was later appointed as a professor in the University of Turin, the Polytechnic University of Turin and the Bocconi University of Milan.

As an economist, Einaudi belonged to the classical school of economics in addition to Pietro Campilli, Epicarmo Corbino and Gustavo Del Vecchio.[4]

Early political life[edit]

From the early 20th century, Einaudi moved increasingly towards a more conservative stance. In 1919 he was named Senator of the Kingdom of Italy. He also worked as a journalist for important Italian newspapers such as La Stampa and Il Corriere della Sera, as well as being financial correspondent for The Economist.[5] In 1925, he signed the Anti-Fascist Intellectuals Manifesto. As an anti-fascist, he stopped working for Italian newspapers from 1926, under the Fascist regime, resuming his professional relationship with the Corriere della Sera after the fall of the regime in 1943. After the Armistice (8 September 1943) he fled to Switzerland, returning to Italy in 1944. In Switzerland, Einaudi worked at the Geneva Graduate Institute.[6]

Einaudi was Governor of the Bank of Italy from 5 January 1945 until 11 May 1948, and was also a founding member of the Consulta Nazionale which opened the way to the new Parliament of the Italian Republic after World War II. Later he was Minister of Finances, Treasury and Balance, as well as Vice-Premier, in 1947–48. He was also a member of the neo-liberal think tank the Mont Pelerin Society.[7][8]

Einaudi was elected an International Honorary Member of the American Academy of Arts and Sciences in 1935 and an International Member of the American Philosophical Society in 1947.[9][10]

President (1948–1955)[edit]

Luigi Einaudi with his son Giulio in 1951

On 11 May 1948, he was elected the second President of the Italian Republic. At the end of the seven-year term of office in 1955, he became a Life Senator. Einaudi was a member of numerous cultural, economic and university institutions.

A staunch liberal in the European, libertarian sense (he invented the Italian term "liberismo" to mean economic liberalism, arguing with Benedetto Croce), he was a supporter of the idea of European Federalism.[11]

Einaudi personally managed the activities of his farm near Dogliani, which produced Nebbiolo wine, and he boasted to be using the most advanced agricultural developments. In 1950, the monarchist satirical magazine Candido published a cartoon in which Einaudi was at the Quirinal Palace, surrounded by a presidential guard of honour (the corazzieri) of giant bottles of Nebbiolo wine, each labelled with the institutional logo. The cartoon was judged a lèse-majesté by a court of the time, and Giovannino Guareschi, the director of the magazine, was held responsible and sentenced.

Personal life[edit]

Einaudi married Countess Ida Pellegrini (1885-1968) on 19 December 1903. Pellegrini was born in Pescantina in 1885 into a family of the Veronese aristocracy, as she was the daughter of Count Giulio Pellegrini. She attended the Regia School of Commerce in Turin, where she met her future husband, who was her professor at the time. Their son Giulio became a prominent Italian publisher, and their grandson Ludovico is a neo-Classical musician. Their son Roberto, a mechanical engineer, continued to cultivate his father's beloved winery. [12]

Their son Mario was a Cornell University professor and active anti-fascist. The Mario Einaudi Center for International Studies is named after him.[13] Additionally, Mario founded the Fondazione Luigi Einaudi in Turin in honour of his father.[14]

The Einaudi Institute for Economics and Finance (EIEF), a research centre of the Bank of Italy, is named after Luigi Einaudi.

Einaudi died in Rome on 30 October 1961 at the age of 87.

See also[edit]


  • Principi di scienza delle finanze (1932)[15]
  • Il buon governo (1954)
  • Prediche inutili (1956–1959)
  • Tracotanze protezionistiche (1919)
  • Via il Prefetto! (1944)
  • On Abstract and Historical Hypotheses and on Value Judgments in Economic Sciences, Critical Edition with an Introduction and Afterword by Paolo Silvestri. 'Routledge Studies in the History of Economics, Vol 185', New York-London, 2017, ISBN 978-0-415-51790-4.


  1. ^ Blaug, Mark, ed. (1986). "Einaudi, Luigi". Who's Who in Economics: A Biographical Dictionary of Major Economists 1700-1986 (2nd ed.). Wheatsheaf Books Limited. p. 244. ISBN 978-0-7450-0230-9 – via Internet Archive.
  2. ^ Profile of Luigi Einaudi
  3. ^ "Luigi Einaudi | president of Italy | Britannica". www.britannica.com. Retrieved 11 December 2021.
  4. ^ Rita Mascolo (2020). "Tennessee valley in Southern Italy: How the ENSI project was the first and only World Bank loan for nuclear power". Business History. 64 (8): 4. doi:10.1080/00076791.2020.1819984. S2CID 225016028.
  5. ^ Einaudi, Luigi (2000). Marchionatti, Roberto (ed.). "From our Italian correspondent": Luigi Einaudi's articles in The Economist, 1908–1946, Volume 1. Olschki. ISBN 978-88-222-4859-6. Retrieved 2 March 2020.
  6. ^ Stöckmann, J. (2017). The formation of International Relations: ideas, practices, institutions, 1914-1940 (http://purl.org/dc/dcmitype/Text thesis). University of Oxford. {{cite thesis}}: External link in |degree= (help)
  7. ^ Hayek, F.A. (1967). "The Transmission of the Ideals of Economic Freedom". Studies in Philosophy, Politics and Economics. London: Routledge & Kegan Paul. p. 199 – via Internet Archive.
  8. ^ Plehwe, Dieter. "Liberal Think Tanks and the Crisis" (PDF). European International Studies Association. Archived from the original (PDF) on 6 January 2018. Retrieved 5 January 2018.
  9. ^ "Luigi Einaudi". American Academy of Arts & Sciences. 9 February 2023. Retrieved 15 March 2023.
  10. ^ "APS Member History". search.amphilsoc.org. Retrieved 15 March 2023.
  11. ^ Hayek, F.A. (1978). "Liberalism". New Studies in Philosophy, Politics, Economics and History of Ideas. London and Chicago: Routledge and University of Chicago Press. pp. 132 – via Internet Archive.
  12. ^ "Poderi Luigi Einaudi". Retrieved 17 July 2023.
  13. ^ "About Us | Einaudi Center". www.einaudi.cornell.edu. Retrieved 4 October 2022.
  14. ^ "Fondazione Einaudi" (in Italian). Retrieved 4 October 2022.
  15. ^ Silvestri, Paolo (2023). "Luigi Einaudi's 'Scienza delle Finanze' or the science of good government". The European Journal of the History of Economic Thought. 30 (5): 764–790. doi:10.1080/09672567.2023.2249295. ISSN 0967-2567. S2CID 261481065.


  • Acocella, N. (ed.), "Luigi Einaudi: studioso, statista, governatore", Carocci, Roma, 2010, ISBN 978-88-430-5660-6.
  • Forte, F.; Marchionatti, R. (2012). "Luigi Einaudi's economics of liberalism". The European Journal of the History of Economic Thought. 19 (4): 587–624. doi:10.1080/09672567.2010.540346. hdl:2318/90412.
  • Giordano, A. (2004), Luigi Einaudi and the Dilemmas of Liberal Democracy, Notizie di Politeia, XX, 2004, n. 75, pp. 7–12 (http://www-4.unipv.it/paviagc/?page_id=236).
  • Silvestri, Paolo The ideal of good government in Luigi Einaudi's Thought and Life: Between Law and Freedom, in Paolo Heritier, Paolo Silvestri (Eds.), Good government, Governance, Human complexity. Luigi Einaudi's legacy and contemporary societies, Leo Olschki, Firenze, 2012, pp. 55–95. ISBN 978-88-222-6161-8
  • Silvestri, Paolo, "Preface", in L. Einaudi, On Abstract and Historical Hypotheses and on Value judgments in Economic Sciences, Routledge, London – New York, 2017, pp. XXIV-XXXII.
  • Silvestri, Paolo, "The defence of economic science and the issue of value judgments", in L. Einaudi, On Abstract and Historical Hypotheses and on Value judgments in Economic Sciences, Routledge, London – New York, 2017, pp. 1–34.
  • Silvestri Paolo, "Freedom and taxation between good and bad polity, and the economist-whole-man", in L. Einaudi, On Abstract and Historical Hypotheses and on Value judgments in Economic Sciences, Routledge, London – New York, 2017, pp. 94–136.

Further reading[edit]

External links[edit]

Government offices
Preceded by Governor of the Bank of Italy
Succeeded by
Political offices
New office Minister of the Budget
Succeeded by
Preceded by President of Italy
Succeeded by