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"There was hardly a commentator who failed to see elements of Italian corporatism in Roosevelt's managed economy under the National Recovery Administration, the institution formed in 1933 to maintain mandatory production and price 'codes' for American industry," wrote Schivelbusch. Even "intellectual observers of economics and social policies who were otherwise Roosevelt allies... saw a Fascist element at the core of the New Deal."<ref>Wolfgang Schivelbusch, ''[http://books.google.com/books?id=Z3GV5_n1h04C Three New Deals: Reflections on Roosevelt's America, Mussolini's Italy, and Hitler's Germany, 1933-1939]'' (Macmillan, 2006) ISBN 080507452X, pp. 23, 27</ref>

"There was hardly a commentator who failed to see elements of Italian corporatism in Roosevelt's managed economy under the National Recovery Administration, the institution formed in 1933 to maintain mandatory production and price 'codes' for American industry," wrote Schivelbusch. Even "intellectual observers of economics and social policies who were otherwise Roosevelt allies... saw a Fascist element at the core of the New Deal."<ref>Wolfgang Schivelbusch, ''[http://books.google.com/books?id=Z3GV5_n1h04C Three New Deals: Reflections on Roosevelt's America, Mussolini's Italy, and Hitler's Germany, 1933-1939]'' (Macmillan, 2006) ISBN 080507452X, pp. 23, 27</ref>

The Italian Fascist Party journal of political theory ''Gerarchia'' (Leadership) characterized the NRA as "bearing a Fascist signature" and as "corporatism without the corporations." Progressive journalist Robert Shaw agreed, "The NRA... was plainly an American adaptation of the Italian corporate state." When Roosevelt referred to the industrial cartels established by the NRA as "modern guilds," writes Schivelbusch, he was making "reference to the corporatist system associated with Fascism."<ref>Wolfgang Schivelbusch, ''[http://books.google.com/books?id=Z3GV5_n1h04C Three New Deals: Reflections on Roosevelt's America, Mussolini's Italy, and Hitler's Germany, 1933-1939]'' (Macmillan, 2006) ISBN 080507452X, pp. 24, 27, 30</ref> FDR's own economics instructor at Harvard<ref>[http://www.montaguemillennium.com/familyresearch/h_1961_gilbert.htm Gilbert Holland Montague, 1880-1961], montaguemillennium.com</ref> concurred, identifying the NRA as "essentially fascistic."<ref>Gilbert H. Montague, "[http://www.jstor.org/pss/1019193 Is NRA Fascistic?]" ''The Annals of the American Academy of Political and Social Sciences,'' July, 1935, pp. 149-161</ref>

The Italian Fascist Party journal of political theory ''Gerarchia'' (Leadership) characterized the NRA as "bearing a Fascist signature" and as "corporatism without the corporations." Progressive journalist Roger Shaw agreed, "The NRA... was plainly an American adaptation of the Italian corporate state."<ref>Roger Shaw, "[http://ia600504.us.archive.org/19/items/northamreview238miscrich/northamreview238miscrich.pdf Fascism and the New Deal]," ''The North American Review'', Vol. 238, No. 6 (December 1934), pp. 559-564</ref> When Roosevelt referred to the industrial cartels established by the NRA as "modern guilds," writes Schivelbusch, he was making "reference to the corporatist system associated with Fascism."<ref>Wolfgang Schivelbusch, ''[http://books.google.com/books?id=Z3GV5_n1h04C Three New Deals: Reflections on Roosevelt's America, Mussolini's Italy, and Hitler's Germany, 1933-1939]'' (Macmillan, 2006) ISBN 080507452X, pp. 24, 27, 30</ref> FDR's own economics instructor at Harvard<ref>[http://www.montaguemillennium.com/familyresearch/h_1961_gilbert.htm Gilbert Holland Montague, 1880-1961], montaguemillennium.com</ref> concurred, identifying the NRA as "essentially fascistic."<ref>Gilbert H. Montague, "[http://www.jstor.org/pss/1019193 Is NRA Fascistic?]" ''The Annals of the American Academy of Political and Social Sciences,'' July, 1935, pp. 149-161</ref>

Just as Mussolini “organized each trade or industrial group or professional group into a state supervised trade association” that “operated under state supervision and could plan production, quality, prices, distribution, labor standards, etc.,”<ref>John T. Flynn, ''[http://mises.org/books/rooseveltmyth.pdf The Roosevelt Myth]'' (The Devin-Adair Company, 1948) pp. 42-43</ref> the NRA “forced virtually all American industry, manufacturing, and retail business into cartels possessing the power to set prices and wages, and to dictate the levels of production.”<ref>Richard M. Ebeling, "[http://www.fee.org/pdf/the-freeman/1005RMEColumn.pdf When the Supreme Court Stopped Economic Fascism in America]," ''The Freeman'', Vol. 55, No. 8 (October 2005), p. 3</ref>

Just as Mussolini “organized each trade or industrial group or professional group into a state supervised trade association” that “operated under state supervision and could plan production, quality, prices, distribution, labor standards, etc.,”<ref>John T. Flynn, ''[http://mises.org/books/rooseveltmyth.pdf The Roosevelt Myth]'' (The Devin-Adair Company, 1948) pp. 42-43</ref> the NRA “forced virtually all American industry, manufacturing, and retail business into cartels possessing the power to set prices and wages, and to dictate the levels of production.”<ref>Richard M. Ebeling, "[http://www.fee.org/pdf/the-freeman/1005RMEColumn.pdf When the Supreme Court Stopped Economic Fascism in America]," ''The Freeman'', Vol. 55, No. 8 (October 2005), p. 3</ref>