Fausto R. Pitigliani

Author's titles

Notes on the North-American Expansion in the Investment Market (1) digital

Year: 2011

The article is about the phenomenon of investment expansion in the U.S. and it is the first part of a wider work the author completed with a second article. Here Pitigliani examines the most recent versions of the classical theory of international trade, focusing on the effects of foreign loans on the balance of payments, on exchange rates and interest rates differentials. The last are depicted as the main factor fostering the attainment of balance-of-payments equilibrium. Protectionist arguments against foreign lending are compared to liberal arguments with the balance clearly in favor of the latter. Key words: U.S. capitalist expansion; capital flows. JEL Classification: B2, B26, F5.

€ 6.00

Notes on the North-American Expansion in the Investment Market (2) digital

by Fausto R. Pitigliani

Year: 2011

The second part of Pitigliani’s essay examines the phenomenon of investment trusts, which guarantee higher returns to small savers and the spreading of saving to the lower classes, a sort of ‘popularization’ of wealth answering the need for a conciliation between capital and labor. Among the merits of American capitalism, the author highlights its ability in contrasting industrial trusts by means of effective legislation, and also the widespread investments in public companies by private citizens. The possible risks of American financial capitalism derive from the scarcer competence and tradition of managers, and the higher speculative attitude of Americans if compared to Europeans. A much more substantial work on these themes and on the comparison with Italy would later be published by Pitigliani (The Italian Corporative State, King and Son, London, 1933). Key words: North-American banking system; banking flows; investment trust; popularization of wealth. JEL Classification: B2, E2.

€ 6.00