Heroic capitalism ordynamic capitalism was a concept proposed byBenito Mussolini in a speech given in November 1933 to theNational Council of Corporations of theKingdom of Italy.[1][2] The speech was given in the context of the ongoingGreat Depression, and Mussolini attempted to explain theeconomic crisis in the world at the time by arguing thatcapitalism had gradually degenerated from its origins: first there had been dynamic or heroic capitalism (1830–1870), followed by static capitalism (1870–1914), in turn followed by the final form of decadent capitalism, known also assupercapitalism, which began in 1914.[3][1]
Although Mussolini did not advocate a return to heroic capitalism, he praised it as agolden age of private initiative andfree competition,[2] reflecting Italian Fascism's admiration for "capitalist production, captains of industries, modern entrepreneurs."[4] In principle, the Italian bourgeoisie could count on Mussolini's support as long as it remained heroic.[2] However, Mussolini believed that the degeneration of capitalism away from its heroic stage was an inevitable result of economicindividualism, and therefore argued that the supervision of the Fascist state was essential to enable private enterprise to maintain its heroic character.[1][5] Italian Fascism would continue to support private property and private enterprise as long as "it does not confine itself to enjoying wealth, but develops it, increases it, multiplies it".[4]
This concept was inspired byWerner Sombart's early capitalism.
