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Fascism is a form of authoritarian government that gained popularity in some countries, particularly in Europe, during the early 20th century. This political ideology stresses dictatorial power, centralized control and emphasizes aggression and nationalism.

To determine when Fascism peaked, let's have a look at the events and the prevalence of Fascist governments in the given time frames: a) 1920s: Fascism started to gain ground in the 1920s, with the rise of Benito Mussolini in Italy. b) 1930s: This period saw the consolidation of power by Fascist governments in Italy and Germany (Adolf Hitler's Nazis), as well as the emergence of Francisco Franco in Spain. Also, the 1930s witnessed alliances being formed between these countries. c) 1940s: During the first half of the 1940s, Fascist governments were at their height in power but began to decline as World War II progressed and the Axis powers (including Fascist countries) were defeated. d) 1950s: By the 1950s, Fascism had significantly lost its appeal and influence after the end of World War II, with the fall of the Italian and German governments.

Based on the historical context and the events that unfolded in each of the given time frames, the peak of Fascism occurred during the 1930s (option b) when Fascist governments were consolidating power, forming alliances, and exerting significant influence in Europe.