The results were devastating: literally destroyed middle class, people leaving below the level of poverty, massive make-works to buy popular support, and eventually a “necessity” to go in the Great war… What foundation it laid for the late Italy we can witness as we speak: the latest Italian “achievement” is to become a part of PIIGS and to beg at German cross-roads for some pocket change.
This is a great insight into the economic environment the US was living in from early 30s to mid-40s by then a contemporary economic journalist and writer. His another great book about deficit spending and political use of public make-work by FDR is available here.
If history rhythms itself then I can’t help to wonder if are we leaving through a deja-vu of a kind right now?
P.S. Now I am curious if the raise of Italian mafia and consequent export of it to say US was somehow ignited by general Italian populous impoverishment? Anecdotally, this was certainly a case when Russia in the 1990s was so full of racket and other sorts of hard-core criminals.