Economy of Italy under Fascism, 1922–1943

This article is part of a series about Benito Mussolini

Political views Duce of Fascism Fascist Manifesto Italian Fascism Spazio vitale Economic policies Racist policies Fascist Propaganda Model of masculinity Parties Italian Socialist Party (1901–1914) Italian Fasci of Combat (1919–1921) National Fascist Party (1921–1943) Republican Fascist Party (1943–1945) Elections 1924 1929 1934 Historical events March on Rome Mussolini Cabinet Corfu incident Murder of Giacomo Matteotti Aventine Secession Pacification of Libya Second Italo-Abyssinian War Foundation of the Empire Spanish Civil War Invasion of Albania Rome-Berlin Axis Pact of Steel World War II 25 Luglio Italian Social Republic Italian Civil War Death

The economy of Italy under Fascism refers to the economy in Italy between 1922 and 1943 when the Fascists were in control. Italy had emerged from World War I in a poor and weakened condition. An unpopular and costly conflict had been borne by an underdeveloped country. Post-war there was inflation, massive debts and an extended depression. By 1920 the economy was in a massive convulsion — mass unemployment, food shortages, strikes, etc. This conflagration of viewpoints can be exemplified by the "Two Red Years".

Benito Mussolini came to power in 1922 under a parliamentary coalition until the National Fascist party seized control and ushered in a one-party dictatorship by early 1925. Before the dictatorship era, Mussolini tried to transform the country's economy along fascist ideology, at least on paper. In fact he was not an economic radical, nor sought a free-hand in the economy. The National Fascist Party held a minority faction of only three positions in the cabinet, excluding Mussolini, providing other political parties the ability to be more independent. During the coalition period, Mussolini appointed a classical liberal economist from the Center Party, Alberto De Stefani, as Italy’s Minister of Finance, who advanced economic liberalism, along with minor privatization. Before his dismissal in 1925, Stefani “simplified the tax code, cut taxes, curbed spending, liberalized trade restrictions and abolished rent controls,” where the Italian economy grew more than 20 percent under his influence.

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