Chronology: Key Events in Italy, 1919-40

1919 Mussolini founds the Fascist movement.

1921 Fascists win 35 seats in Parliament.

1922 March on Rome. Mussolini appointed Prime Minister; de Stefani becomes his Treasury Minister.

1922 Mussolini's government benefits from the general economic upturn (1).

1923 Battle for land launched.

1925 Vidoni Pact (2). Start of the 'Battle for Grain'.

1926 Ministry of Corporations established, with Mussolini as Minister.

1927 The value of the Lire fixed at 90 to the pound. 'Battle for Births' launched (3).

1930 National Council of Corporations set up (4). Mussolini orders wage cuts (5).

1933 Institute for the Reconstruction of Industry set up.

1935 Italian invasion of Abyssinia (6).

1936 Italian involvement in Spanish Civil War.

1939 Mussolini tells Hitler Italy not ready for war. Balance of payments deficit of over 28 billion lire.

1940 Italy enters war.

1. In the period 1922 to 1925, when Mussolini was consolidating his power, exports doubled.
2. The Vidoni Pact abolished free trade unions and a little later strikes were prohibited.
3. The 'Battle for Births' is perhaps not strictly an economic policy. However, Mussolini believed a populous country was a powerful one and aimed to increase the Italian population from 37 million to 60 million. As part of the policy, bachelors were heavily taxed and prizes and other benefits were introduced for prolific mothers. Whilst there was some success, there was no radical change in the birth rate and in 1940 the population had only reached just under 44 million.
4. With representatives of the workers, employers and fascists, this body was to plan, regulate and control economic production. In 1933 Mussolini announced his intention that the Council would replace the Assembly and make laws - this happened in 1939 when the legislative assembly (parliament) was replaced by the Chamber of Fasces and Corporations. In practice, it was meaningless and acted as a rubber stamp for the dictatorship.
5. Mussolini ordered wage cuts in 1927, 1930 and 1934 in order to help the economy. He had no economic aim to improve living standards.
6. Foreign policy adventures had a great impact on the economy and helped shape its direction. From the mid-1930s there was greater emphasis on war-related production and on developing Italy as, as far as possible, a self-sufficient state - a policy known as Autarky. The expense of war crippled the Italian state and helps explain the enormous balance of payments deficit.