Never had workers in either country gained such a high proportion of the national output. During these red years, the Italian wage share grew to 49 percent in 1919 from 35 percent in 1918, and peaked at 55 percent in 1922. Th is was a huge increase even compared to the prewar levels (44 percent in 1913). It meant that in 1921, capital reaped fewer fruits from economic growth than labor, something unseen until that moment. Capital share dropped from 65 percent in 1918 to 45 percent in 1922.

Clara E. Mattei, The Capital Order, loc. 1484