Universal capital endowment at birth in Italy: a life-cycle financial infrastructure for social stability and intergenerational cohesion

Massimo Armanini ()

LIUC Papers in Economics from Cattaneo University (LIUC)

Abstract: This paper proposes a universal capital endowment granted at birth, financed through a small structural levy on existing financial capital and managed as a segregated public investment fund. Each newborn receives an initial endowment, invested immediately in a globally diversified equity portfolio and allowed to compound over time. Withdrawals are permitted only at predefined life stages, within a life-cycle stabilization framework. The proposal is not designed as a redistributive policy aimed at reducing wealth inequality per se, but rather as a systemic mechanism to provide all citizens with an initial asset base, enhancing economic resilience, intergenerational cohesion, and long-term social stability.

Pages: 34 pages
Date: 2026-01
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Published in Università Cattaneo Working papers n.20 2026

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Persistent link: https://EconPapers.repec.org/RePEc:liu:liucec:2026-20

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