Istituto per la Ricostruzione Industriale
The Istituto per la Ricostruzione Industriale (IRI; English: "Institute for Industrial Reconstruction") was an Italian public holding company established in 1933 by the Fascist regime to rescue, restructure and finance banks and private companies that went bankrupt during the Great Depression. After the Second World War, IRI played a pivotal role in the Italian economic miracle of the 1950s and 1960s. It was dissolved in 2002. History In 1930, the Great Depression affected the Italian financial sector, seriously disrupting credit lines and making it difficult for companies to obtain loans. The Fascist regime led by Benito Mussolini, fearing a credit crunch with subsequent mass dismissals and a wave of social unrest, started to take over the banks' stakes in large industrial companies (such as steel, weapons and chemicals). At the same time, Mussolini tried to inject capital into failing businesses (Though restructured later). Although initially conceived as a temporary measure, IRI continued to operate throughout the period of the Fascist regime and well beyond. Although IRI was not intended to carry out real nationalizations, it became the de facto owner and operator of a large number of major banks and companies. By January 1934, the IRI reported that it controlled