[1][2] He was the last internationally known representative of Italy’s classical school of economics, which flourished in the early part of the century and continued to exert its influence between the world wars.

In 1920 the Ministry of Foreign Affairs appointed him a member of the Italian delegation to the Reparation Commission and entered into force on the Dawes Plan in 1924, is financial advisor of the Agent General for the payment of reparations in Berlin.

[5] In 1931, he published the essay Le Vicende del Marco tedesco[6][7] ("The vicissitudes of the German mark"— translated in 1937 as "The Economics of inflation").

[8][9][10] In 1933, he resigned from ' Academy of Italy, the former Accademia Nazionale dei Lincei, not to swear allegiance to the Fascist regime.

In 1942 his Introduction to economic policy, where he is a fierce critic of state dirigisme, called for the abolition of exchange controls, the return to convertibility of the currency under a fixed exchange rate system, the re-establishment of market economy and free enterprise as a powerful engine of economic development.