Business: Government Giant

When Wartime Partisan Leader Aldo Fascetti was named by the Italian government last summer to boss the state holding company that runs about one-quarter of Italy's industry, private businessmen saw Red. Fascetti, 56, was an outspoken left-winger, and no sooner did he take over the huge Istituto per la Recostruzione Industriale (assets: $3 billion), than he-ordered "an aggressive advance in every sector of the economy." Businessmen feared that I.R.I., which has holdings in 86 companies and dominates most of them, would socialize even more of the Italian economy. Last week, in announcing I.R.I.'s biggest postwar expansion, Fascetti tried to soothe those...

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