This chapter examines the process that led to conservative stability in France, Germany, and Italy. Between the summer of 1924 and the end of 1926, Europeans underwent a period of painful bargaining that finally resolved the equivocations and inconclusiveness of the postwar settlements. In France and Germany, business organization was strengthened, as anxieties about excess capacity and fierce export competition encouraged new cartel arrangements. In the case of Italy, fascist corporatism opened up an authoritarian resolution of the same class tensions existing everywhere. The chapter considers how the conservatives's new stability brought the end of a decade of inflation, disputes centering on monetary revaluation, and the decomposition of parliamentary politics in the three countries. It also discusses the effects of deflationary pressures on the iron and steel industry, the international organization of capitalism, and how Italian fascism remained in a reciprocal and symbiotic relationship with the old forces of order.
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