Following World War I, fascism evolved in Europe as a political and economic system. Extreme nationalism, authoritarianism, and a state-run economy are its three main traits. Indeed, in terms of economics, fascism is primarily a left-wing ideology, with more in common with socialism than any conservative, free-market system. Remember that the term “Nazi” stood for “National Socialists.” Fascism was dubbed “the third way” by none other than Benito Mussolini, who referred to it as a statist alternative to socialism and communism.