Under fascism, the state, through official cartels, controlled all aspects of manufacturing, commerce, finance, and agriculture. Planning boards set … - Sheldon Richman

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Under fascism, the state, through official cartels, controlled all aspects of manufacturing, commerce, finance, and agriculture. Planning boards set product lines, production levels, prices, wages, working conditions, and the size of firms. Licensing was ubiquitous; no economic activity could be undertaken without government permission. Levels of consumption were dictated by the state, and “excess” incomes had to be surrendered as taxes or “loans.” The consequent burdening of manufacturers gave advantages to foreign firms wishing to export.

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About Sheldon Richman

Sheldon L. Richman is the former editor of The Freeman, the one-tine monthly magazine of the Foundation for Economic Education. He is a contributor to the Concise Encyclopedia of Economics and the author of Coming to Palestine, America's Counter-Revolution: The Constitution Revisited, and What Social Animals Owe to Each Other (forthcoming), among other books. He keeps the blogs Free Association and The Logical Atheist.

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Alternative Names: Sheldon L. Richman
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Fascism was seen as the happy medium between boom-and-bust-prone liberal capitalism, with its alleged class conflict, wasteful competition, and profit-oriented egoism, and revolutionary Marxism, with its violent and socially divisive persecution of the bourgeoisie.

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