The state and corporate spheres can merge (again, Mussolini's definition of Fascism) and promulgate a variety of political, social, and economic landscapes.  Various elements typically considered Socialism is certainly one possibility here.

What probably won't last very long under Mussolini's conception of Fascism is Democracy.  More and more that is slipping away here in the U.S. where we have the choice between two awful and barely distinguishable candidates for important offices (esp, the presidency) and a lot of significant on-the-ground actions are the result of unelected and uncountable boards and executive policy is formed and implemented with no transparency and blatant subterfuge (see the recent Gruber stuff as an example.)