Adam Tooze is the Kathryn and Shelby Cullom Davis Professor of History and the Director of the European Institute at Columbia. His most recent book is The Deluge: The Great War and the Making of the Global Order, 1916–1931. (August 2016)

IN THE REVIEW

When We Loved Mussolini

Benito Mussolini and US Secretary of State Henry Stimson, Rome, July 1931

The United States and Fascist Italy: The Rise of American Finance in Europe

by Gian Giacomo Migone, translated from the Italian and with a preface by Molly Tambor
America’s new power in the 1920s was based on its economy, and in the projection of an American vision of international order beyond the League of Nations, it was US bankers who led the way. The crucial issues of Italian–American diplomacy were not questions of democracy, but of finance.