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Neoliberalism and Fascism
Abstract
Fascist, semi-fascist, protofascist, or neofascist movements exist in almost every modern society as fringe phenomena. These movements must be distinguished from the general right-wing parties and movements of different hues. The latter would no doubt appear to shade into the former; nonetheless the sui generis character of the former must be underscored. This article explores the characteristics specific to these movements and poses the following questions: under what conditions do these fringe movements come to occupy center stage? What is the class basis for their coming to power? How do we explain the rise of these movements in contemporary times? And how can we visualize, in the current conjuncture, the further journey of these movements in situations where they happen to have actually come to power?
Overview
AI snapshot
Written from the paper’s full text.
TL;DR
This article argues that fascist movements are distinct from ordinary right-wing parties and thrive when economic crisis, bourgeois political incapacity, and Left weakness coincide. It contends that neoliberalism creates a protracted crisis and political closure that makes fascism a persistent presence, transcending only through a Left-led break from neoliberal capitalism.
Key findings
- Fascist movements are defined by four properties: acute hatred of a minority “enemy within,” unreason impervious to evidence, movement-building for social hegemony, and willingness to combine street violence with state power.
- Fascism rises when three conditions are met: people urgently want a break from crisis, traditional bourgeois formations cannot provide it, and the Left cannot seize the initiative; in Germany, Nazi vote share rose from 2.8% in 1928 to 37.4% in July 1932.
- Under neoliberalism, globalized finance imposes policy closure, real wages cease rising while productivity rises, and an ex ante overproduction tendency becomes an ex post protracted crisis with no bourgeois or social-democratic exit.
- Contemporary fascism is unlikely to provide crisis relief or large-scale war as in the 1930s, so it may be more lingering; the Left can counter it only by winning over liberals and pursuing policies that require delinking from globalized finance.
Methods
- Theoretical political-economy essay, not an empirical study; it develops conceptual distinctions and causal conditions for fascist movements and states.
- Uses historical comparison, especially 1930s Germany and Japan, alongside contemporary examples from the USA, Europe, and India.
- Draws on secondary sources and illustrative statistics, including Indian employment data and peasant suicides, to support the argument.
Limitations
- The paper states that its discussion is pitched at a certain level of generality and may not capture important specificities of particular movements in particular countries.
- Evident from the text: there is no systematic empirical test, formal sample, or comparative case-selection procedure; evidence is illustrative and largely secondary.
- Evident from the text: the article offers no explicit limitations section beyond the generality caveat, and its predictions about contemporary fascism are analytical rather than empirically validated.
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Claims the paper makes
58 Own interpretation · 3 Sources not found · 3 No basis given
In the paper
“This causes an increase in inequality in every country of the world in the era of neoliberalism, a fact that has been noted by many writers, including Thomas Piketty and his associates (though they give very different reasons for it).”
What the sources say
- Not matchedcites Thomas Piketty and his associates
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In the paper
“Neoliberal economic policies are the outcome of a regime of hegemony of international finance capital; they express the predilections of international finance capital.”
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In the paper
“The tendency to eschew direct demand stimulation, therefore, characterizes all states, including the US state.”
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In the paper
“In fact, the fascist climb to power, though based on an increase in popular support, becomes possible only through corporate backing.”
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In the paper
“In addition to all these factors, there is the Left's own tendency under neoliberalism, not consciously, of course, to get hegemonized by the neoliberal ideology.”
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In the paper
“Fascism seizes its opportunity at such a juncture not because it advances some alternative economic policy to the one being advanced by traditional bourgeois political formations, but by bringing about a discourse shift.”
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In the paper
“Hence, fascism does not propose an economic agenda transcending the conjuncture within which the people are trapped in a crisis.”
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In the paper
“This is because the global mobility of capital, in a world where not just class struggle but even trade union struggle occurs essentially within national boundaries, serves to weaken such struggles.”
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In the paper
“Neoliberalism, in short, has brought the world economy into a crisis, from which no bourgeois, or even social democratic, political formations are in any position to extricate their respective national economies.”
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In the paper
“One is that, since neoliberalism prior to the crisis had brought about high growth rates in many parts of the Third World, the Left had been taken in by its apparent capacity to 'develop the productive forces,' so that, notwithstanding the squeeze it imposed on the working people, the Left did not see it as historically obsolete, that is, as being ripe for transcendence.”
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In the paper
“Fascism thrived under these conditions, with the vote share of the Nazis going from a mere 2.8 per cent in 1928 to 37.4 per cent in July 1932.”
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In the paper
“The prospects of such a coordinated intervention by several nationstates, acting together as a surrogate world state that can ignore the pressures of international finance capital, remain, however, as distant today as they had been in the 1930s, when the proposal was first mooted in the context of the Great Depression.”
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In the paper
“Exposed now to the depredations of multinational agribusiness and greatly handicapped by the absence of any state support in its confrontation with the latter, the peasantry's striking capacity goes down compared to earlier. The very resort to suicides, noted above, is an indicator of it.”
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- Rests on an assumption: Large-scale peasant suicides in India under neoliberalism cost 300,000 peasant lives over a decade and a half and are unprecedented in India's history.
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In the paper
“Where the Left has managed to reassert itself against neoliberalism, like in Britain and France, it has, to an extent, rolled back the fascist challenge.”
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In the paper
“The 'closure of politics' that marked the conjuncture of the 1930s in Germany, where 'normal' political activity appeared singularly incapable of breaking out of the crisis that was the hallmark of the conjuncture, arose for two reasons: first, finance capital is always opposed to any direct intervention by the state for increasing aggregate demand, and hence employment and output, though it”
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In the paper
“The Left can do this, and proceed toward a socialist alternative, but only by winning over the liberal constituency.”
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In the paper
“The only way of transcending the fascist presence is to transcend neoliberal capitalism.”
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In the paper
“They can do so only by delinking, in some measure, from globalization, that is, by going beyond the current phase of capitalism, marked by the hegemony of globalized finance; but they are immanently incapable of doing so by their class orientation.”
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In the paper
“Instead of, say, 90 persons out of a total workforce of 100 being employed and 10 being unemployed, we move toward a situation where almost everybody is employed for 90 per cent of the time; that is, instead of the active army and the reserve army of labor being two clearly distinguishable and identifiable entities, there is a proliferation of casual employment, parttime employment, intermittent”
- Also stated in: § The Stasis Under Neoliberalism · p. 13 · plain
“Unionization now becomes far more difficult in the new situation because of such casualization of work, and this affects the striking capacity of the Left.”
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- Also stated in: § The Stasis Under Neoliberalism · p. 13 · plain
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In the paper
“These movements must be distinguished from the general right-wing parties and movements of different hues. The latter would no doubt appear to shade into the former; nonetheless the sui generis character of the former must be underscored.”
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- Rests on an assumption: Fascist movements invariably invoke acute hatred against some hapless minority groups, treating them as the 'enemy within' in a narrative of aggressive hypernationalism, and attribute all the existing social ills of the 'nation' to the presence of such groups.
- Rests on an assumption: Fascist movements are not averse to the use of street violence for achieving their political ends, and visualize, even in the event of having access to state power, a combination of street violence and the use of state power against the targeted minorities, and against all liberal, democratic, and progressive opinion that is opposed to them.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Being a nation-state, it must follow the predilections of globalized finance, for otherwise, there would be a flight of finance from the economy concerned, precipitating a financial crisis.”
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In the paper
“And as already discussed, financing of larger state expenditure through either of these means will be opposed by international finance capital.”
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In the paper
“This protection, however, disappears with neoliberalism, and an obvious consequence of such disappearance is the unleashing of what Marx had called a process of 'primitive accumulation of capital.'”
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In the paper
“Contemporary fascism, therefore, is unlikely either to get the kind of support that fascism had got earlier (because of providing relief from crisis) or to burn itself out through large-scale wars as earlier. For that very reason, it is likely to be a far more lingering phenomenon .”
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In the paper
“In addition, the burgeoning reserve army in this form creates a large lumpenproletariat that is used by fascism for its strong-arm tactics.”
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In the paper
“the relative size of the reserve army of labor increases everywhere under neoliberalism, though the manner in which this increase manifests itself differs across countries”
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In the paper
“Two of the three conditions for the emergence of fascism mentioned earlier, namely the existence of a crisis, a cul-de-sac, a stasis that people would desperately like to overcome, and the utter incapacity of the traditionally powerful and established political formations to do so, are thus satisfied in the contemporary conjuncture.”
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In the paper
“Hence even a 'reformist' step of providing relief within the existing system would start a dialectical process leading to a transcendence of neoliberal capitalism, if these reforms are persisted with.”
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In the paper
“Neoliberalism, however, does not only entail a political 'closure,' where no matter what the circumstances are, the same set of policies must be followed. That is, not only does it make all the bourgeois and pusillanimous social democratic political formations incapable of pursuing any set of policies other than what are broadly covered under the term 'neoliberal' policies, it also precipitates a”
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In the paper
“Since, for reasons discussed earlier, the conjuncture produced by neoliberal capitalism that has created a pronounced tendency toward fascism is not going to change as long as neoliberal capitalism lasts, we are stuck with a perennial presence of fascism as long as neoliberal capitalism lasts.”
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In the paper
“A major difference between the 1930s and now is that finance capital at that time was nation-based and interested in acquiring or defending 'economic territory' vis-a-vis other rival nation-based finance capitals, that is, in maintaining or enlarging its share in a partitioned world. But finance capital today is international and hence opposed to any partitioning of the world whatsoever.”
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- Rests on an assumption: Finance capital today is international and opposed to any partitioning of the world.
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In the paper
“They are in power in some countries like the USA and India, and knocking at the doors of power in others; but nowhere as yet do we have a fascist State.”
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In the paper
“From the USA to Europe to India, fascist formations have become far more powerful than ever before since the Second World War.”
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In the paper
“Financing any such program, an obvious instance of which would be a universal publicly funded health-care service in countries like India on the European pattern, will require larger state expenditure. Such expenditure will have to be financed through either taxes on capitalists or government borrowing, since taxing the working people for financing such a program will not cause any net improvement”
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In the paper
“Hence, any such economic program will require a degree of delinking from the current globalization, in the form of controls on capital flows to start with, which perforce will have to be widened, as finance capital gets major capitalist states to impose sanctions against such an intransigent country.”
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In the paper
“Fascism is extraordinarily vague about its economic policies, or any other policies for that matter.”
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In the paper
“The Left alone among the existing political forces opposed to fascism has a vision that extends beyond neoliberal capitalism.”
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In the paper
“But even if it plays the 'electoral game,' and quits power when voted out, it will still continue to remain an alternative, and periodically return to power, leading to a sure, though gradual, 'fascification' of the polity and society that snuffs out humane attitudes, democratic consciousness, and liberal, not to say progressive, opinions.”
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In the paper
“In fact, the 'recoveries' which have been periodically hailed in the years since 2008 have all been of this kind: a small bubble in the USA stimulating a brief recovery before its collapse causes a setback once more.”
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In the paper
“Such primitive accumulation occurs in both 'stock' and 'flow' terms, that is, in terms of both outright dispossession of the petty producers by corporate capital (or buying out their rights to assets 'for a song') and a squeeze on their incomes to a degree where even 'simple reproduction' becomes impossible for them.”
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In the paper
“But the US state too does not do so, because any such action on its part, within the existing framework of globalization which entails relatively free movement of goods and services across borders, will only generate employment in other countries, to which its demand will leak out; 3 and while doing so, it will simultaneously create greater external indebtedness for the USA.”
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A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“This is why it alone is capable of taking the lead in the fight against fascism, since such a fight necessarily entails transcending the conjuncture that produces fascism, a conjuncture that is created by neoliberal capitalism and that can be overcome only through a transcendence of neoliberal capitalism itself.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
The paper relies on this without support.
Fascist, semi-fascist, protofascist, or neofascist movements exist in almost every modern society as fringe phenomena.
“Fascist, semi-fascist, protofascist, or neofascist movements exist in almost every modern society as fringe phenomena.”
“Fascist, semi-fascist, protofascist, or neofascist movements exist in almost every modern society as fringe phenomena.”
The paper relies on this without support.
Fascist movements invariably invoke acute hatred against some hapless minority groups, treating them as the 'enemy within' in a narrative of aggressive hypernationalism, and attribute all the existing social ills of the 'nation' to the presence of such groups.
“first, they invariably invoke acute hatred against some hapless minority groups, treating them as the 'enemy within' in a narrative of aggressive hypernationalism, and attribute all the existing social ills of the 'nation' to the presence of such groups;”
The paper relies on this without support.
Fascist movements are not averse to the use of street violence for achieving their political ends, and visualize, even in the event of having access to state power, a combination of street violence and the use of state power against the targeted minorities, and against all liberal, democratic, and progressive opinion that is opposed to them.
“fourth, they are not averse to the use of street violence for achieving their political ends, and visualize, even in the event of having access to state power, a combination of street violence and the use of state power against the targeted minorities, and, of course, against all liberal, democratic, and progressive opinion that is opposed to them.”
The paper relies on this without support.
Metropolitan capital in the new situation locates activities in the low-wage Third World countries for meeting global demand, instead of, as earlier, locating activities within the metropolis itself.
“First, metropolitan capital in the new situation locates activities in the low-wage Third World countries for meeting global demand, instead of, as earlier, locating activities within the metropolis itself.”
The paper relies on this without support.
The propensity to consume out of wage incomes is higher than the propensity to consume out of surplus incomes.
“since the propensity to consume out of wage incomes is higher than the propensity to consume out of surplus incomes,”
The paper relies on this without support.
In the USA, a dollar of income generates a larger consumption than a dollar of income in China or India.
“In the USA, for instance, a dollar of income generates a larger consumption than a dollar of income in China or India,”
The paper relies on this without support.
Capital is globalized, that is, international, and the state remains a nation-state.
“In a world where capital is globalized, that is, international, and the state remains a nation-state,”
The paper relies on this without support.
Fascist movements move center stage at certain historical junctures.
“While such movements may be fringe phenomena at most times, there are certain historical junctures at which they move center stage.”
The paper relies on this without support.
Finance capital does not approve of state intervention for directly stimulating aggregate demand; it wants state intervention exclusively in its own interest.
“finance capital does not approve of any state intervention for directly stimulating aggregate demand (in fact, it wants state intervention exclusively in its own interest)”
The paper relies on this without support.
In the USA, nearly a third of public sector employees are unionized, while the private sector figure is about 7 per cent.
“in the USA, for instance, while nearly a third of the employees in the public sector (including in the sphere of education) are unionized, the corresponding figure for the private sector is only about 7 per cent.”
The paper relies on this without support.
Large-scale peasant suicides in India under neoliberalism cost 300,000 peasant lives over a decade and a half and are unprecedented in India's history.
“The large-scale peasant suicides in India under neoliberalism, which has cost 300,000 peasant lives over a period of a decade and a half, and which is quite unprecedented in India's history”
The paper relies on this without support.
During the dirigiste period in India, GDP growth was around 3.5 per cent and employment growth around 2 per cent per annum; under neoliberalism, GDP growth doubled and employment growth dropped to less than 1 per cent per annum.
“During the dirigiste period, the rate of GDP growth was just around 3.5 per cent, which doubled in the neoliberal period, a fact much celebrated by successive governments and the Bretton Woods institutions. But during the dirigiste period, the rate of growth of employment was around 2 per cent per annum, while under neoliberalism, it has dropped to less than 1 per cent per annum!”
The paper relies on this without support.
The anti-colonial struggles in the 1930s took off because the peasantry, suffering under the Great Depression, joined in large numbers owing to the promise that such distress would never again visit them after independence.
“The anti-colonial struggles in these countries had taken off in the 1930s because the peasantry, suffering under the impact of the Great Depression, had joined it in large numbers, owing to its promise that such distress would never again visit them after independence.”
The paper relies on this without support.
Finance capital today is international and opposed to any partitioning of the world.
“But finance capital today is international and hence opposed to any partitioning of the world whatsoever.”
Citations
Cites
Selected Essays on the Dynamics of Capitalist Economy 1933–1970
Sawyer, M. (2023) · Edward Elgar Publishing eBooks · doi:10.4337/9781788973939.selected.essays.dynamics · Cited by 78
The United Front - The Struggle Against Fascism and War
Dimitrov, G. P. (2018) · Cited by 33
Capitalism and Its Current Crisis
Patnaïk, P. (2016) · Monthly Review · doi:10.14452/mr-067-08-2016-01_1 · Cited by 14
Research works printed but not linked: 1
- Kindleberger C. P., 1973, The world in depression, 1929–1939
Cited by
Sorted by citations
Sugar production dynamics in Zimbabwe: an analysis of contract farming at Hippo Valley
Mazwi, F. (2020) · Review of African Political Economy · doi:10.1080/03056244.2020.1832022 · Cited by 21
Ideologies and narratives of Italian foreign fighters in the Russian-Ukrainian war
Guerra, N. (2024) · European Politics and Society · doi:10.1080/23745118.2023.2299827 · Cited by 10
Radical (re) readings of Polanyi: splitting hairs and building bridges
Goodwin, G. (2025) · Globalizations · doi:10.1080/14747731.2025.2456401 · Cited by 6
Kaur, N., & Saratchand, C. (2023) · World Review of Political Economy · doi:10.13169/worlrevipoliecon.14.2.0294 · Cited by 4
Radhakrishnan, P., & Ray, D. (2023) · Contemporary South Asia · doi:10.1080/09584935.2023.2245345 · Cited by 3
Metadata
- Authors
- Patnaik, P.
- Affiliations
- Centre for Economic Studies and Planning, School of Social Sciences-II, Jawaharlal Nehru University, New Delhi, India.
- Venue
- Agrarian South: Journal of Political Economy: A triannual Journal of Agrarian South Network and CARES
- Publisher
- SAGE Publications
- Published
- 2020-02-27
- Volume
- 9
- Issue
- 1
- Pages
- 33-49
- ISSN
- 2277-9760 (ISSN-L)
- 2321-0281
- OpenAlex
- W3024771502
- Cited by
- 8
- References
- 3
- Citations by year
- 2026: 1 · 2025: 2 · 2024: 1 · 2023: 3 · 2020: 1
- FWCI
- 2.74
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Agrarian South Journal of Political Economy A triannual Journal of Agrarian South Network and CARES (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Political Science and International Relations › Populism, Right-Wing Movements
- Social Sciences › Sociology and Political Science › Political Economy and Marxism
- Social Sciences › Sociology and Political Science › Italian Fascism and Post-war Society
- Keywords
- neoliberalism, fascism, neo-fascism, right-wing movements, political power
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