"The present economic organization of Fascism is based on the “Corporate State,” the necessity for which is stated to be “Economic Planning.” The Italian word Corporasioni currently translated as “corporation” is misleading, as its import is not our business corporation; it is more nearly that of the old English “guild.” In more modern expression, which again in American terms is not quite precise, the system is based upon the creation separately of Fascist “labor unions” and Fascist “trade associations” in each industry or calling, whose authority through committees and administrators is binding upon all those engaged in that industry or calling,…"