---
title: “It Is Not the Economic System of Europe Alone That We Have to Restore to Its Full Efficiency”
url: https://propagandaarchive.org/library/mussolini-political-speeches-1923/53-it-is-not-the-economic-system-of-europe-alone-th/
description: “It Is Not the Economic System of Europe Alone That We Have to Restore to Its Full Efficiency”, from Mussolini as Revealed in His Political Speeches…
section: FRAME
---

![Illustration: an interwar radio-and-newsreel intelligence collage with a 1930s map of Europe and propaganda poster proofs.](https://propagandaarchive.org/static/generated/detail/hero-interwar.jpg)

[Library](https://propagandaarchive.org/library/mussolini-political-speeches-1923/) · Book · [Mussolini as Revealed in His Political Speeches (November 1914 to August 1923)](https://propagandaarchive.org/library/mussolini-political-speeches-1923/)

# “It Is Not the Economic System of Europe Alone That We Have to Restore to Its Full Efficiency”

This text

- **Work:** [Mussolini as Revealed in His Political Speeches (November 1914 to August 1923)](https://propagandaarchive.org/library/mussolini-political-speeches-1923/)
- **Author:** Benito Mussolini
- **Published:** 1923

Full details

- **Rights:** Published in 1923, more than 95 years ago, so in the public domain in the United States (works published in 1930 or earlier); Project Gutenberg marks the ebook public domain in the USA. The translator and editor, Bernardo Quaranta di San Severino, died in 1934 and Mussolini in 1945, so the term of life plus 70 years has also run out in Italy and the United Kingdom. The editor's introduction and prefatory notes are part of the 1923 book and are included.

Chapters

1. The Editor’s Introduction and the Manifesto
2. [Introduction: A Note on Italian Fascismo](https://propagandaarchive.org/library/mussolini-political-speeches-1923/01-introduction-a-note-on-italian-fascismo/)
3. [Manifesto of the Fascista National Party (English Translation)](https://propagandaarchive.org/library/mussolini-political-speeches-1923/02-manifesto-of-the-fascista-national-party-english/)
4. Part I: Mussolini the “Socialist”
5. [“Do Not Think That by Taking Away My Membership Card You Will Take Away My Faith in the Cause”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/03-do-not-think-that-by-taking-away-my-membership-c/)
6. Part II: Mussolini the “Man of the War”
7. [For the Liberty of Humanity and the Future of Italy](https://propagandaarchive.org/library/mussolini-political-speeches-1923/04-for-the-liberty-of-humanity-and-the-future-of-it/)
8. [“Either War or the End of Italy’s Name as a Great Power”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/05-either-war-or-the-end-of-italy-s-name-as-a-great/)
9. [“To the Complete Vanquishing of the Huns”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/06-to-the-complete-vanquishing-of-the-huns/)
10. [“No Turning Back!”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/07-no-turning-back/)
11. [The Fatal Victory](https://propagandaarchive.org/library/mussolini-political-speeches-1923/08-the-fatal-victory/)
12. [“In Honour of the American People”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/09-in-honour-of-the-american-people/)
13. [The League of Nations](https://propagandaarchive.org/library/mussolini-political-speeches-1923/10-the-league-of-nations/)
14. [In Celebration of Victory](https://propagandaarchive.org/library/mussolini-political-speeches-1923/11-in-celebration-of-victory/)
15. Part III: Mussolini the “Fascista Friend of the People”
16. [Workmen’s Rights After the War](https://propagandaarchive.org/library/mussolini-political-speeches-1923/12-workmen-s-rights-after-the-war/)
17. [Sacrifice, Work, and Production](https://propagandaarchive.org/library/mussolini-political-speeches-1923/13-sacrifice-work-and-production/)
18. [“We Are Not Against Labour, but Against the Socialist Party, in as Far as It Remains Anti-Italian”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/14-we-are-not-against-labour-but-against-the-social/)
19. [Fascismo’s Interests for the Working Classes](https://propagandaarchive.org/library/mussolini-political-speeches-1923/15-fascismo-s-interests-for-the-working-classes/)
20. [“My Father Was a Blacksmith and I Have Worked with Him; He Bent Iron, but I Have the Harder Task of Bending Souls”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/16-my-father-was-a-blacksmith-and-i-have-worked-wit/)
21. [Labour to Take the First Place in New Italy](https://propagandaarchive.org/library/mussolini-political-speeches-1923/17-labour-to-take-the-first-place-in-new-italy/)
22. Part IV: Mussolini the “Fascista”
23. [The Three Declarations at the First Fascista Meeting](https://propagandaarchive.org/library/mussolini-political-speeches-1923/18-the-three-declarations-at-the-first-fascista-mee/)
24. [Outline of the Aims and Programme of Fascismo](https://propagandaarchive.org/library/mussolini-political-speeches-1923/19-outline-of-the-aims-and-programme-of-fascismo/)
25. [Fascismo and the Rights of Victory](https://propagandaarchive.org/library/mussolini-political-speeches-1923/20-fascismo-and-the-rights-of-victory/)
26. [The Tasks of Fascismo](https://propagandaarchive.org/library/mussolini-political-speeches-1923/21-the-tasks-of-fascismo/)
27. [Fascismo and the Problems of Foreign Policy](https://propagandaarchive.org/library/mussolini-political-speeches-1923/22-fascismo-and-the-problems-of-foreign-policy/)
28. [How Fascismo Was Created: Its Evolution and Essence](https://propagandaarchive.org/library/mussolini-political-speeches-1923/23-how-fascismo-was-created-its-evolution-and-essen/)
29. [The Italy We Want Within, and Her Foreign Relations](https://propagandaarchive.org/library/mussolini-political-speeches-1923/24-the-italy-we-want-within-and-her-foreign-relatio/)
30. [“The Piave and Vittorio Veneto Mark the Beginning of New Italy”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/25-the-piave-and-vittorio-veneto-mark-the-beginning/)
31. [The Fascista Dawning of New Italy](https://propagandaarchive.org/library/mussolini-political-speeches-1923/26-the-fascista-dawning-of-new-italy/)
32. [“The Moment Has Arrived When the Arrow Must Leave the Bow or the Cord Will Break!”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/27-the-moment-has-arrived-when-the-arrow-must-leave/)
33. Part V: Mussolini the “Fascista Member of Parliament”
34. [Fascismo and the New Provinces](https://propagandaarchive.org/library/mussolini-political-speeches-1923/28-fascismo-and-the-new-provinces/)
35. [The Question of Montenegro’s Independence](https://propagandaarchive.org/library/mussolini-political-speeches-1923/29-the-question-of-montenegro-s-independence/)
36. [D’Annunzio and Fiume](https://propagandaarchive.org/library/mussolini-political-speeches-1923/30-d-annunzio-and-fiume/)
37. [Italy, Sionism, and the English Mandate in Palestine](https://propagandaarchive.org/library/mussolini-political-speeches-1923/31-italy-sionism-and-the-english-mandate-in-palesti/)
38. [The Attitude of Fascismo Towards Communism and Socialism](https://propagandaarchive.org/library/mussolini-political-speeches-1923/32-the-attitude-of-fascismo-towards-communism-and-s/)
39. [The Attitude of Fascismo Towards the Popular Party. The Vatican and Social Democracy](https://propagandaarchive.org/library/mussolini-political-speeches-1923/33-the-attitude-of-fascismo-towards-the-popular-par/)
40. Part VI: Mussolini the “Fascista Prime Minister”
41. [Mussolini the “Fascista Prime Minister”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/34-mussolini-the-fascista-prime-minister/)
42. [A New Cromwell in the Parliament](https://propagandaarchive.org/library/mussolini-political-speeches-1923/35-a-new-cromwell-in-the-parliament/)
43. [The Foreign Policy of the Fascista Government](https://propagandaarchive.org/library/mussolini-political-speeches-1923/36-the-foreign-policy-of-the-fascista-government/)
44. [The Policy of Fascismo for Italy: Economy, Work and Discipline](https://propagandaarchive.org/library/mussolini-political-speeches-1923/37-the-policy-of-fascismo-for-italy-economy-work-an/)
45. [“Conscientious General Diagnosis of the Conditions of the Country and Its Foreign Policy”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/38-conscientious-general-diagnosis-of-the-condition/)
46. [“I Remain the Head of Fascismo, Although the Head of the Italian Government”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/39-i-remain-the-head-of-fascismo-although-the-head/)
47. [“Our Task in History Is to Make a United State of the Italian Nation”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/40-our-task-in-history-is-to-make-a-united-state-of/)
48. [The Advance in the Ruhr District](https://propagandaarchive.org/library/mussolini-political-speeches-1923/41-the-advance-in-the-ruhr-district/)
49. [The Government of Speed](https://propagandaarchive.org/library/mussolini-political-speeches-1923/42-the-government-of-speed/)
50. [The March of Events on the Ruhr the Position of Italy](https://propagandaarchive.org/library/mussolini-political-speeches-1923/43-the-march-of-events-on-the-ruhr-the-position-of/)
51. [The Ruhr, the Conference of Lausanne and the Port of Memel](https://propagandaarchive.org/library/mussolini-political-speeches-1923/44-the-ruhr-the-conference-of-lausanne-and-the-port/)
52. [Ratification of the Washington Treaty of Naval Disarmament](https://propagandaarchive.org/library/mussolini-political-speeches-1923/45-ratification-of-the-washington-treaty-of-naval-d/)
53. [Message from the Hon. Mussolini to the Italians in America Upon the Occasion of the Signing of the Convention for the Laying of Cables Between Italy and the American Continent](https://propagandaarchive.org/library/mussolini-political-speeches-1923/46-message-from-the-hon-mussolini-to-the-italians-i/)
54. [For the Carrying Out of the Treaty of Rapallo](https://propagandaarchive.org/library/mussolini-political-speeches-1923/47-for-the-carrying-out-of-the-treaty-of-rapallo/)
55. [The Agreements of Santa Margherita, Italy and Yugoslavia](https://propagandaarchive.org/library/mussolini-political-speeches-1923/48-the-agreements-of-santa-margherita-italy-and-yug/)
56. [Questions of Foreign Policy Before the Senate. The Ruhr; Fiume; Zara and Dalmatia](https://propagandaarchive.org/library/mussolini-political-speeches-1923/49-questions-of-foreign-policy-before-the-senate-th/)
57. [A Review of European Politics in Their Relation with Italy](https://propagandaarchive.org/library/mussolini-political-speeches-1923/50-a-review-of-european-politics-in-their-relation/)
58. [The Italo-Yugoslav Conference for the Commercial Treaty](https://propagandaarchive.org/library/mussolini-political-speeches-1923/51-the-italo-yugoslav-conference-for-the-commercial/)
59. [“History Tells Us That Strict Finance Has Brought Nations to Security”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/52-history-tells-us-that-strict-finance-has-brought/)
60. [“It Is Not the Economic System of Europe Alone That We Have to Restore to Its Full Efficiency”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/53-it-is-not-the-economic-system-of-europe-alone-th/)
61. [“Only Those Who Profited by the War Grumbled and Still Grumble, Cursed and Still Curse at the War”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/54-only-those-who-profited-by-the-war-grumbled-and/)
62. [“Patriotism Is Not Formed by Mere Words”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/55-patriotism-is-not-formed-by-mere-words/)
63. [Questions of Foreign Policy Before the Cabinet](https://propagandaarchive.org/library/mussolini-political-speeches-1923/56-questions-of-foreign-policy-before-the-cabinet/)
64. [“Mine Is Not a Government Which Deceives the People”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/57-mine-is-not-a-government-which-deceives-the-peop/)
65. [“In Time Past as in Time Present, Woman Had Always a Preponderant Influence in Shaping the Destinies of Humanity”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/58-in-time-past-as-in-time-present-woman-had-always/)
66. [“So Long as These Students and These Universities Exist, the Nation Cannot Perish and Become a Slave, Because Universities Smash Fetters Without Allowing the Forging of New Ones”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/59-so-long-as-these-students-and-these-universities/)
67. [Italy’s Foreign Policy Regarding German Reparations, Hungary, Bulgaria, Austria, Yugoslavia, Turkey, Russia, Poland and Other Countries](https://propagandaarchive.org/library/mussolini-political-speeches-1923/60-italy-s-foreign-policy-regarding-german-reparati/)
68. [“The Internal Policy”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/61-the-internal-policy/)
69. [“As Sardinia Has Been Great in War, So Likewise Will She Be Great in Peace”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/62-as-sardinia-has-been-great-in-war-so-likewise-wi/)
70. [“Men Pass Away, Maybe Governments Too, but Italy Lives and Will Never Die”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/63-men-pass-away-maybe-governments-too-but-italy-li/)
71. [“Fascismo Will Bring a Complete Regeneration to Your Land”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/64-fascismo-will-bring-a-complete-regeneration-to-y/)
72. [“As We Have Regained the Mastery of the Air, We Do Not Want the Sea to Imprison Us”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/65-as-we-have-regained-the-mastery-of-the-air-we-do/)
73. [“I Promise You—And God Is My Witness—That I Shall Continue Now and Always to Be a Humble Servant of Our Adored Italy”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/66-i-promise-you-and-god-is-my-witness-that-i-shall/)
74. [“The Victory of the Piave Was the Deciding Factor of the War”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/67-the-victory-of-the-piave-was-the-deciding-factor/)
75. [The Relations Between Italy and the United States](https://propagandaarchive.org/library/mussolini-political-speeches-1923/68-the-relations-between-italy-and-the-united-state/)
76. [“The Greatness of the Country Will Be Achieved by the New Generations”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/69-the-greatness-of-the-country-will-be-achieved-by/)
77. [The Situation on the Ruhr and Other Questions of Foreign Policy](https://propagandaarchive.org/library/mussolini-political-speeches-1923/70-the-situation-on-the-ruhr-and-other-questions-of/)
78. [The Electoral Reform Bill](https://propagandaarchive.org/library/mussolini-political-speeches-1923/71-the-electoral-reform-bill/)
79. [The Massacre of the Italian Delegation for the Delimitation of the Greco-Albanian Frontier](https://propagandaarchive.org/library/mussolini-political-speeches-1923/72-the-massacre-of-the-italian-delegation-for-the-d/)

[← “History Tells Us That Strict Finance Has Brought Nations to Security”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/52-history-tells-us-that-strict-finance-has-brought/) [“Only Those Who Profited by the War Grumbled and Still Grumble, Cursed and Still Curse at the War” →](https://propagandaarchive.org/library/mussolini-political-speeches-1923/54-only-those-who-profited-by-the-war-grumbled-and/)

**Content note:** Speeches and an editor's introduction that praise Fascism and its leader, describe violence against Socialists and Communists as necessary, use hostile wartime terms such as "Huns" for Germans, and make nationalist claims to territory. Shown as printed. This object is shown as it was published. [Why](https://propagandaarchive.org/about/#as-it-was)

> Speech delivered at the Palazzo dell’ Esposizione in Rome, on 18th March 1923, before the International Congress of the Chambers of Commerce.

Gentlemen,—The Government over which I have the honour to preside and which I represent is glad to welcome you to Rome and offers you a deferential and cordial greeting, which I extend also to the foreign representatives, who have wished to honour us by their presence. The fact that your important Congress is held in the capital of Italy, only five months after the events which gave the control of public affairs to the youthful forces of war and of victory is the best declaration to the world that the Italian nation is rapidly returning to the full normality of her political and economical life. In a meeting like this I shall not linger on the former, but shall briefly dwell on the latter subject.

The economic policy of the new Italian Government is simple. I consider that the State should renounce its industrial functions, especially of a monopolistic nature, for which it is inadequate. I consider that a Government which means to relieve rapidly peoples from after-war crises should allow free play to private enterprise, should renounce any meddling or restrictive legislation, which may please the Socialist demagogues, but proves, in the end, as experience shows, absolutely ruinous.

It is, therefore, time to remove from the shoulders of the producing forces of every nation the last remains of that machinery which was called the trappings of war and to examine economic problems, no longer with a state of mind veiled by the influence of particular interests, as they had to be examined during the war. I do not believe that the aggregate of forces, which in industry, in agriculture, in commerce, in banking, in transportation may be called by the world-name of capitalism, is near its downfall, as certain doctrinarians belonging to the Social-Extremists have claimed. One of the great historical experiences of which we have been witnesses proves that all the systems of associated economics which do away with private initiative and individual effort fail more or less pitifully in a short time. But free initiative does not exclude an agreement between groups, which will be realised all the easier when there is a loyal protection of each separate interest. Your Chamber of Commerce follows exactly this programme of enquiry, and of stabilisation, of co-ordinating and conciliating the various interests. You are here in Rome to discuss the best means to revive the great currents of trade which, before the war, had increased general wealth and brought all people to a high standard of living. These are weighty and delicate problems which often cause discussions of a political and moral nature. To solve them we must be guided by the conviction that *it is not the economic system of Europe alone that we have to restore to its full efficiency*, but that there are also countries and continents which may offer a field for a larger economic activity in the near future. It is not without significance that the powerful Republic of the United States has sent such a large number of her representatives to Rome. It means that, if official political America still keeps an attitude of reserve, economic America feels that she cannot remain indifferent to what may or may not be done in Europe.

There is no doubt that Governments—beginning with mine—will examine with the utmost care and give due weight to the decisions which are arrived at by this Congress. (Loud cheers.)

[← “History Tells Us That Strict Finance Has Brought Nations to Security”](https://propagandaarchive.org/library/mussolini-political-speeches-1923/52-history-tells-us-that-strict-finance-has-brought/) [“Only Those Who Profited by the War Grumbled and Still Grumble, Cursed and Still Curse at the War” →](https://propagandaarchive.org/library/mussolini-political-speeches-1923/54-only-those-who-profited-by-the-war-grumbled-and/)

Mussolini as Revealed in His Political Speeches (November 1914 to August 1923), Benito Mussolini. Published in 1923, more than 95 years ago, so in the public domain in the United States (works published in 1930 or earlier); Project Gutenberg marks the ebook public domain in the USA. The translator and editor, Bernardo Quaranta di San Severino, died in 1934 and Mussolini in 1945, so the term of life plus 70 years has also run out in Italy and the United Kingdom. The editor's introduction and prefatory notes are part of the 1923 book and are included. [Provenance and rights](https://propagandaarchive.org/library/mussolini-political-speeches-1923/).