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The Guardians of Capitalism: International Consensus and Fascist Technocratic Implementation of Austerity

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  • Clara Elisabetta Mattei

Abstract

Current debates on austerity often forget that these policies are almost 100 years old. This paper explores how the combination of austerity and technocracy acted as a powerful tool to secure the compliance of European countries to socio-economic stabilization after WWI. Austerity emerged as an economic, moral and technocratic message as economic experts sought to educate the restless post-war civil society. This paper analyses primary austerity documents from the international economic conferences of Brussels (1920) and Genoa (1922). In addition I use a case study of Italy (1922-1925) to show how austerity succeeded under the first years of Fascism, when the government authorized prominent economics professors to implement the international financial codes devised at Brussels and Genoa. This essay considers the scientific writings of De Stefani, Ricci and Pantaleoni to examine the theoretical roots of the technocratic nature of austerity.

Suggested Citation

  • Clara Elisabetta Mattei, 2015. "The Guardians of Capitalism: International Consensus and Fascist Technocratic Implementation of Austerity," LEM Papers Series 2015/23, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    • Handle: RePEc:ssa:lemwps:2015/23
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    References listed on IDEAS

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    1. Feinstein, Charles H. & Temin, Peter & Toniolo, Gianni, 2008. "The World Economy between the World Wars," OUP Catalogue, Oxford University Press, number 9780195307559.
    2. Germà Bel, 2011. "The first privatisation: selling SOEs and privatising public monopolies in Fascist Italy (1922--1925)," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(5), pages 937-956.
    3. Clavin, Patricia, 2013. "Securing the World Economy: The Reinvention of the League of Nations, 1920-1946," OUP Catalogue, Oxford University Press, number 9780199577934.
    4. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133.
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    Keywords

    Austerity; Technocracy; Post-WWI Financial Conferences; Economists as Consultants; Fascism;
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