Are the Italian anti-Semitic laws of 1938 the continuation of the colonial racism established in Ethiopia two years earlier by the fascist regime? The link between both episodes has been often mentioned without always understanding if such a link was the effect or the cause—€”one policy having introduced the other one—€” of the analogy or of experiment. After an examination of the historiography, a comparative analysis of the speeches and the practices of stigmatization was sketched. Colonial racism and anti-Semitism come from different cultural traditions and generate partially dissimilar systems of persecution. Nevertheless, a political logic remains which is aimed at imposing the fascist totalitarian order, at transforming the character of the Italians and at forging the fascist new man.