The Self-Serving Communist Notion of "Fascism" as an Expression of "High Capitalism" Is Widely Off the Mark

Mussolini acknowledged the principle of private property, although not as a sacrosanct right but as a privilege bestowed by the state. Consonant with this philosophy, he applied heavy pressure on private enterprise. In the 1920s, he arrogated to himself the authority to interfere with the market, "correcting" profits and compelling business firms to recognize trade unions as an equal partner. On some occasions, the Fascist government replaced the management of private corporations. The self-serving Communist notion of "fascism" as an expression of "high capitalism" is therefore widely off the mark: it was a movement which placed national interest above private interest, and regulated business as much as it did labor. Indeed, in a speech in May 1934 Mussolini informed the Chamber of Deputies that three-quarters of Italy's industrial and agricultural economy were in the hands of the state which, he added, created conditions that would enable him to introduce into Italy either "State Capitalism" or "State Socialism" whenever he thought it necessary.

--Richard Pipes, Property and Freedom (New York: Vintage Books, 2000), 219-220.