Thought exercise: Every country has Italy's industrial capacity in World War 2 - who wins?

Let's say for whatever reason, every major country in World War 2 (France, UK, USA, USSR, Italy, Japan, Germany) just has Italy's industrial capacity. The reason doesn't really matter - it's just a thought exercise. Everything else including doctrine, strategy and alliances proceed as usual.

How does the war play out? Who wins?
 
War was better before they put those darn restrictor plates on all the countries.

Kind of a fun ASB brainstorm, but you can't have strategy play out the same, because those are all based on the industrial output that is fueling the war front. However, it's interesting to think of US strategy in a scenario where they're spread this thin. My answer will be boring, but WWII just doesn't happen because Poland and Czechoslovakia cause a war of attrition with Germany in 1938/1939 in this scenario.
 
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