Abstract

Fascist Italy hosted many foreign investments in key industries. This is true not only for the 1920s, but for the 1930s as well, when Italian economic policy turned progressively to autarky. In spite of Mussolini’s claim about Italy’s need to escape from «foreign bondage» («servitù straniere»), many multinationals were able to increase their investments in Italian industry, securing control over entire productive branches and their related markets. On the one hand, the Regime provided exceptional incentives to foreign investments, considering these firms necessary for the transfer of capital and technologies from abroad; on the other hand, multinationals were able to escape from the political risk of fascist policies, adapting their operations to the Italian context.