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Using the articles written by the Piedmontese economist as the Italian correspondent for The Economist and as a columnist for the Corriere della Sera (until the dismissal of the editor Luigi Albertini) from 1908 to 1925, this essay reconstructs the events of that period, recording the divergences of opinion expressed by the two publications. The author breaks Luigi Einaudi’s attitude towards the inchoate regime down into three phases, each marked by a different judgement on Fascism. During the first (1919-1923), Einaudi clearly approved of the choices of the new party, especially in the economic field; during the second (1923-1924), he began to detach himself; and in the third (1924-1925), following the assassination of the Right Honourable Matteotti, he broke away completely. In her reconstruction of the events of those years, based on the writings of Einaudi, the author also manages to identify the motivations which induced the Piedmontese statesman to take time before making a historical judgement on Fascism.