The f word

Fascism.

[D]uring the great economic crisis of the 1930s, fascism was widely regarded as a possible solution, indeed as the only acceptable solution to a spasm that had shaken the entire First World, and beyond. It was hailed as a “third way” between two failed systems (communism and capitalism), retaining the best of each. Private property was preserved, as the role of the state was expanded. This was necessary because the Great Depression was defined as a crisis “of the system,” not just a glitch “in the system.” And so Mussolini created the “Corporate State,” in which, in theory at least, the big national enterprises were entrusted to state ownership (or substantial state ownership) and of course state management. Some of the big “Corporations” lasted a very long time; indeed some have only very recently been privatized, and the state still holds important chunks–so-called “golden shares”–in some of them.