The Battle for the Lira was an economic policy undertaken by the Fascists in Italy during the 1920s as an attempt to raise the claims of Italy becoming a great power.
The Battle for the Lira was an economic policy undertaken by the Fascists in Italy during the 1920s as an attempt to raise the claims of Italy becoming a great power.
When Benito Mussolini took over as Prime Minister of Italy in 1922 the economy was in a bad state following World War I. Between 1922 and 1925, the financial and economic situation generally improved dramatically and this helped to increase the power of Italy, who strived to be one of the world's leading countries.
Italy wanted to restore some of its purchasing power. But in order for this to happen it was vital that they strengthen the lira. Mussolini took the view that a weak lira would look bad for the country when presenting Italy as a great power across Europe and the United States.
The policy had a number of aims. These comprised:
In October 1922 (when Mussolini first became prime minister), Lit. 90 to £1 stg had been the prevailing rate but it had declined sharply, even reaching Lit. 150 to £1 stg in 1926.
The policy was confirmed at the Pesaro Speech on 18 August 1926 and was given the name Quota 90 , referring to the value they wanted to achieve.
The revaluation hit Italy's export trade, but, by making imports cheaper, benefited heavy industries, such as steel and chemicals, which relied on imported raw materials. These industries later provided the basis for an expanded rearmament industry and so supported the 'active' foreign policy, which became the chief characteristic of the fascist state. Tariffs on undesirable imports such as consumer goods and foodstuffs kept their high price and restricted demand, protecting Mussolini's Battle for Grain policy. However, Italian workers were pressured into accepting wage cuts to match the new value of the lira to the point where wages fell more than food prices and living standards for working-class Italians rapidly declined.
Fascism is a far-right, authoritarian, ultranationalist political ideology and movement, characterized by a dictatorial leader, centralized autocracy, militarism, forcible suppression of opposition, belief in a natural social hierarchy, subordination of individual interests for the perceived good of the nation and race, and strong regimentation of society and the economy.
The March on Rome was an organized mass demonstration and a coup d'état in October 1922 which resulted in Benito Mussolini's National Fascist Party (PNF) ascending to power in the Kingdom of Italy. In late October 1922, Fascist Party leaders planned an insurrection to take place by marching on the capital. On 28 October, the fascist demonstrators and Blackshirt paramilitaries approached Rome; Prime Minister Luigi Facta wished to declare a state of siege, but this was overruled by King Victor Emmanuel III, who, fearing bloodshed, persuaded Facta to resign by threatening to abdicate. On 30 October 1922, the King appointed Mussolini as Prime Minister, thereby transferring political power to the fascists without armed conflict. On 31 October the fascist Blackshirts paraded in Rome, while Mussolini formed his coalition government.
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The National Fascist Party was a political party in Italy, created by Benito Mussolini as the political expression of Italian fascism and as a reorganisation of the previous Italian Fasces of Combat. The party ruled the Kingdom of Italy from 1922 when Fascists took power with the March on Rome until the fall of the Fascist regime in 1943, when Mussolini was deposed by the Grand Council of Fascism. It was succeeded, in the territories under the control of the Italian Social Republic, by the Republican Fascist Party, ultimately dissolved at the end of World War II.
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Benito Amilcare Andrea Mussolini was an Italian dictator and journalist who founded and led the National Fascist Party (PNF). He was Prime Minister of Italy from the March on Rome in 1922 until his deposition in 1943, as well as "Duce" of Italian fascism from the establishment of the Italian Fasces of Combat in 1919 until his summary execution in 1945 by Italian partisans. As dictator of Italy and principal founder of fascism, Mussolini inspired and supported the international spread of fascist movements during the inter-war period.
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The Kingdom of Italy was governed by the National Fascist Party from 1922 to 1943 with Benito Mussolini as prime minister. The Italian Fascists imposed totalitarian rule and crushed political and intellectual opposition, while promoting economic modernization, traditional social values and a rapprochement with the Roman Catholic Church.
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