The new international financial system that has evolved as a consequence has been, despite recent setbacks, a major factor in the marked increase in living standards for those economies that have chosen to participate in it.
This refers to an article written by L. Einaudi (one of the fathers of the public finance literature, later governor of the Bank of Italy, and first President of the Italian Republic between 1948 and 1955), published by Corriere della Sera on 5 May 1910.] I cannot deny that I go back to those early days of the past century with some pride.