On numerous occasions, Benito Mussolini identified his economic policies with “state capitalism”–the exact phrase that Vladimir Lenin used to usher in his New Economic Policy (NEP). Lenin wrote: “State capitalism would be a step forward as compared with the present state of affairs in our Soviet Republic.” After Russia’s economy collapsed in 1921, Lenin allowed privatization and private initiative, and he let the people trade, buy and sell for private profit. Lenin was moving towards a mixed economy. He even demanded that state-owned companies operate on profit/loss principles. Lenin acknowledged that he had to back away from total socialism and allow some capitalism.

This is from Lawrence K. Samuels, “The Socialist Economics of Italian Fascism,” the Econlib Feature Article for July.