Luigi Einaudi's Vision of Charismatic Capitalism

In an article on Doppiozero, Alfredo Gigliobianco and Anna Stefi revisit Luigi Einaudi's distinction between capitalism and a free market society. Einaudi, a liberal economist, argued that the defining feature of a free market is economic liberty, not capital. The protagonist is the entrepreneur, who takes risks to innovate and create new products and organizations, preventing societal stagnation. The capitalist, by contrast, is merely a 'foolish servant' who supplies capital. Einaudi saw the capitalist's dominance as a historical accident.