After World War One Italy was a mess, quite chaotic. There was a noteworthy communist/anarchist movement that was ultimately syppressed by Mussolinis blqckshirts. Mussolini himself had been a socialist in his youth; even without him, would it be possible to have Italy go communist in the 1920s?
As for the effects, the Italian fascists were more significant than is often realized- the very name, after all, comes from them- having a substantial ideological impact on the rise of fascism in both Spain and Germany. In this case could we see the opposite- an Italian intervention in the Spanish Civil war (which, in fact, would not be as much of a civil war in this case, as without Fascist backing Franco would have been stuck in Morocco), or further Communist uprisings in central and eastern Europe?
As for the effects, the Italian fascists were more significant than is often realized- the very name, after all, comes from them- having a substantial ideological impact on the rise of fascism in both Spain and Germany. In this case could we see the opposite- an Italian intervention in the Spanish Civil war (which, in fact, would not be as much of a civil war in this case, as without Fascist backing Franco would have been stuck in Morocco), or further Communist uprisings in central and eastern Europe?