Until 1925, when Alberto de Stefani ceased to be Minister of Economics, policies were mostly in line with classical liberalism (suppression of inheritance and luxury tax, suppression of taxes on foreign capital; life insurance transferred to private enterprises in 1923, state monopoly on telephones and matches was abandoned, etc.). However, this policy did not contradict seemingly opposite-minded ones: various banking and industrial companies were financially supported by the state. One of Mussolini's first acts was to fund the metallurgical trust Ansaldo to the height of 400 millions Liras. Following the deflation crisis which started in 1926, banks such as the Banco di Roma, the Banco di Napoli or the Banco di Sicilia were also assisted by the state. In 1924, the Unione Radiofonica Italiana (URI) was formed by private entrepreneurs and part of the Marconi group, and granted the same year a monopoly of radio broadcasts. After the war, the URI became the RAI.

Starting in 1925, Italy's policies became more protectionist. Tariffs of grains were increased in an attempt to strengthen domestic production ("Battle for Grain"), which was ultimately a failure. Thus, according to historian Denis Mack Smith (1981), "Success in this battle was... another illusory propaganda victory won at the expense of the Italian economy in general and consumers in particular". also pointed out "Those who gained were the owners of the Latifondia and the propertied classes in general... his policy conferred a heavy subsidy on the Latifondisti."Affected by the Great Depression, the Italian state attempted to respond to it both by elaborating public works programs such as the taming of the Pontine Marshes, developing hydroelectricity, improving the railways which in the process improved job opportunities, and launching military rearmament. The Istituto per la Ricostruzione Industriale (IRI) institute was created in 1933, with the aim of subsiding floundering companies. It soon controlled important parts of the economy, through government-linked companies, including Alfa Romeo.
Economically Italy improved with the GNP growing at 2% a year; automobile production was increasing especially those owned by Fiat, its aeronautical industry was making advances. Mussolini also championed agrarianism as part of what he called battles for Land, Lira and Grain; in aims of propaganda, he physically took part in these activities alongside the workers creating a strong public image.