The Giannini Foundation of Agricultural Economics
Encyclopedia
The Giannini Foundation of Agricultural Economics was founded in the 1920s from a $1.5 million gift to the University of California from the Bancitaly Corporation in honor of its founder, A.P. Giannini. This fund has now grown to $20 million that is used to promote and support research on the economics of California agriculture. Members, which include faculty from various University of California campuses, may apply for grants to conduct research on California's agricultural economy and development. The findings are often reported in numerous publications.
in 1904 in the North Beach district of San Francisco. He initially made his money as a commission merchant and produce dealer for farms in the Santa Clara Valley, but found banks uninterested in being in business with farms, so he decided to open his own bank. The business continued to grow and more branches were opened in the Central Valley. Giannini sought out customers in agriculture, with a focus on expanding the horticulture industry and small farmers. The bank became extremely profitable in the 1920s prior to the Great Depression.
While President of the Bancitaly Corporation, Giannini never received a salary or other compensation. In 1926, Bancitaly’s directors voted to reimburse Giannini with 5% of the corporation’s annual net profits, a figure of $1.5 million. However, he refused to accept the money and asked that it be donated to help California’s farmers. Thus, on February 14, 1928, the Bancitaly Corporation presented a gift of $1.5 million to the Regents of the University of California. The board of directors decided that the fund be used strictly in the broad field of agricultural economics
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In honor of the 75th anniversary of A.P.'s gift to the University of California, two emeritus members, Warren Johnston and Alex McCalla, published a book entitled "A.P. Giannini and the Giannini Foundation of Agricultural Economics," which includes paper and panel discussion of the 75th Symposium, annals of the Giannini Foundation, and archival materials of California's agricultural economics.
Origin of the Foundation
Amadeo Peter Giannini, or A.P. as he was known, established the Bank of ItalyBank of Italy (USA)
The Bank of Italy was founded in San Francisco, California, USA, in 1904 by Amadeo Giannini. It grew by a branch banking strategy to become the Bank of America, the world's largest commercial bank with 493 branches in California and assets of $5 billion in 1945....
in 1904 in the North Beach district of San Francisco. He initially made his money as a commission merchant and produce dealer for farms in the Santa Clara Valley, but found banks uninterested in being in business with farms, so he decided to open his own bank. The business continued to grow and more branches were opened in the Central Valley. Giannini sought out customers in agriculture, with a focus on expanding the horticulture industry and small farmers. The bank became extremely profitable in the 1920s prior to the Great Depression.
While President of the Bancitaly Corporation, Giannini never received a salary or other compensation. In 1926, Bancitaly’s directors voted to reimburse Giannini with 5% of the corporation’s annual net profits, a figure of $1.5 million. However, he refused to accept the money and asked that it be donated to help California’s farmers. Thus, on February 14, 1928, the Bancitaly Corporation presented a gift of $1.5 million to the Regents of the University of California. The board of directors decided that the fund be used strictly in the broad field of agricultural economics
Agricultural economics
Agricultural economics originally applied the principles of economics to the production of crops and livestock — a discipline known as agronomics. Agronomics was a branch of economics that specifically dealt with land usage. It focused on maximizing the crop yield while maintaining a good soil...
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The Activities of the Foundation
Members of the foundation include faculty and Cooperative Extension specialists in agricultural and resource economics at UC Berkeley, UC Davis, and UC Riverside. The Foundation focuses on research in the realm of agriculture and rural development in California. Members and associate members of the Foundation may apply competitively to receive funding for their research.Publications
Foundation members and graduate students publish widely on topics relevant to California agriculture. Though much of this research appears in leading peer reviewed journals, the Foundation has its own publication series:- ARE Update- the bimonthly newsletter is published to print topical papers written by members of the Foundation.
- Giannini Reporter- provides information on the ongoing research of the Foundation, the extension of that research, and other related activities.
- Research Report Series- designed to communicate research results to specific professional audiences interested in applications.
- Monograph Series- provides an outlet for reports of research appraised by criteria equivalent to those of leading technical journals in agricultural economics.
- Information Series- communicates selected research to a lay audience.
- Special Report Series- an outlet for papers worthy of publication, yet not belonging in a regular series.
In honor of the 75th anniversary of A.P.'s gift to the University of California, two emeritus members, Warren Johnston and Alex McCalla, published a book entitled "A.P. Giannini and the Giannini Foundation of Agricultural Economics," which includes paper and panel discussion of the 75th Symposium, annals of the Giannini Foundation, and archival materials of California's agricultural economics.