Th e austerity counteroff ensive had an unequivocally uniform impact on both countries: it reversed both countries' labor gains dramatically. Under Fascist austerity the gross wage share of Italian workers tumbled throughout the 1920s, reaching a new low in 1929 when it touched the level of 1913. Capital had gained back its dominant position. British labor experienced a similar fall: by 1929 workers had lost all of their postwar gains in share of national income.

Clara E. Mattei, The Capital Order, loc. 1486