Word: istituto
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Observers saw in the guaranteed bond issue a trend. The bonds will be issued through the Italian equivalent of the Hoover-Roosevelt R. F. C., the Istituto Ricostruzione Industrial created by II Duce early this year (TIME, Feb. 20). Other rescue parties, other guaranteed bond issues will undoubtedly follow, putting the State further and further into business. Simultaneously business will be put further and further into the State, as the National Council of Corporations supplants the Chamber of Deputies. Last week Dictator Mussolini loomed as the exponent of a synthesis different from but almost as sweeping as Dictator Stalin...
...issued by a corporation launched & christened only three weeks ago; the Istituto Ricostruzione Industriale. On the one hand I. R. I. will avowedly "pump oxygen" (i. e. credit) into worthy industries, much as does Washington's R. F. C. On the other hand, Rome's I. R. I. will further the State's liquidation of non-self-supporting industries, "pruning" them out of Italian industrial life...