NOTES ON THE NORTH-AMERICAN EXPANSION IN THE INVESTMENT MARKET (2)

摘要

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).