Enrico Dell'Acqua tra impresa e moneta. Vantaggio economico, rischio di cambio e globalizzazione incipiente

This article examines the entrepreneurial experience of Enrico Dell’Acqua within the context of the first globalization, focusing on the relationship between commercial expansion and monetary instability. Particular attention is devoted to the Argentine crises of the late nineteenth century, characterized by recurring episodes of inconvertibility, exchange-rate volatility, fluctuations in the gold–silver ratio, and dependence on international capital flows. Dell’Acqua’s success derived not only from innovative marketing and distribution strategies, but also from his ability to manage monetary risk in an environment where imports were paid in gold while sales were conducted in depreciating paper currency. Through local production, market diversification, and organizational innovation, he transformed financial instability from a constraint into a competitive challenge. His experience reveals the central role of monetary regimes in shaping entrepreneurial strategies during the first age of global economic integration.