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

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  • Massimo Armanini

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.

Suggested Citation

  • Massimo Armanini, 2026. "Universal capital endowment at birth in Italy : a life-cycle financial infrastructure for social stability and intergenerational cohesion," LIUC Papers in Economics 2026-20, Cattaneo University (LIUC).
    • Handle: RePEc:liu:liucec:2026-20
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