Introduction

The capitalism of 21st century, when has entered into an era of ‘advanced’ imperialism, namely
‘neoliberalism’, the corresponding changes in the socio-political sphere has brought a series of
threats to the humanity, with an eighty-year-old word—‘Fascism’. Being the most reactionary
theory in the history of human civilization, fascism, when is zapping on today’s political ambit
with the name of Donald Trump in USA or as a synonym of the political terrorism led by RSS-
BJP in India, the question, which must be dragged into the forefront, is whether today’s fascism
is mere a ‘repetition’ of history, keeping all its eighty-year-old components intact or an
‘evolution’ of history in a newer form and content, with the same class-character of eight
decades back! 

It is a fact too, that fascism is a most usual and commonly used term in both the spheres of
‘politics’ and ‘academia’. Plenty of works have been done on this topic, explaining and analysing
its nature, tendencies and characteristics. But a closer look into this may reveal that all the works
are carried, mostly based on the socio-political and cultural ‘features’ of fascism—the ways, in
which fascism is manifested.  

Except the legendary work of Georgie Dimitrov, namely ‘The Fascist Offensive and the Task of
the Communist International in the Struggle of the Working Class against Fascism’, defining
fascism from the perspective of political economy and therefore drawing the scientific line to
fight against fascism, there is no such work that has clearly analysed the political economy
behind fascism.   

The theoretical studies, since are not deciphered from the economic perspectives of fascism, an
ignorance, leading to a fundamental theoretical misunderstanding, has been developed regarding
the Fascist politics, which is being manifested as identifying any authoritarian or undemocratic
government or party or even activity as Fascist. 

The threat is coming from the fact that such blunders have been being committed by the left and
communist camps, since decades, which is reflected when a section of communists in India,
identified Cruschev-led USSR as ‘Social-Fascist’, or the same they are doing in case of
‘neoliberally turned, but communist proclaimed’ China nowadays, significantly ignoring the
significance, weight and political-economic basis of the term ‘Fascism’. Same was observed
when Indira Gandhi declared an emergency in 1975, and the then Indian communists unofficially
termed her government as ‘semi-fascist’, in their propaganda against this barbarian and filthy
authoritarian politics. This is again being experienced from their side in recent past, when
Mamata Banerjee-led lumpen-intensified and neoliberally committed TMC government in
Bengal has been being termed as Fascist, ignorantly misusing the term!      

This indeed is a theoretical-ideological set back that the left sphere, especially the communists
should not be suffered with. This misconception on fascism, identifying it only as an
authoritarian, autocratic and dictatorial politics leads to two fundamental blunders.  

First of all, the understanding that there exists authoritarianism and totalitarianism, if and only if
there exists Fascism, implies contra-positively, that a non-Fascist bourgeoisie state can never be
authoritarian and totalitarian, which violates the fundamental Marxist-Leninist understanding on
‘state’, specifically on bourgeoisie state, that is nothing but a dictatorial apparatus of ruling
bourgeoisie class. It comes with the idealistic viewpoint that, a Fascist tendency is fuelled only
by the ideological principles of the party(s), it is led by, and not by the material political-
economic conditions of the existing society—a denial to the significance of the objective
conditions, required for a fascist upraise.  

This is making the communist parties throughout the world, except in few places such as Cuba,
to be inclined to the idea of a ‘welfare democratic state’—a ‘hope’ for a ‘better capitalism’,
ignoring the fact that fascism itself is the product of capitalism-imperialism in a deep crisis and
the revolutionary commitment, once they had, of overthrowing the capitalistic mode of
production. In several counties including India, this is being observed as the politics led by the
left camp, to uphold the flag of the non-fascist bourgeoisie, belonging to the so-called liberal
camp, such as Indian National Congress. This has made the lefts only a part of the game between
the Fascist and non-fascist bourgeoisie camp.           

Secondly, in the current era of Fascist emergence, the fight from the communist camp against
them must be strong ideological warfare. A deficiency on the scientific analysis of Fascism,
leading to identify it by mere symptoms, such as Intolerance’, ‘Authoritarianism’,
‘Totalitarianism’, ‘Ultra-nationalism’, ‘Ultra-rightist’, is in actual, being proven ineligible to
recognize not only the scale of threat and devastation, that the fascism in reality exerts, but also
the crisis of capitalism, which it is born from and the weakest gland it has, where the sharpest
attack is needed to be exerted to destroy the entire politics of fascism and fascist parties. 

The analysis below, will, therefore, be solely dedicated to investigating the political-economy
behind fascism—not only as of the deepest crisis of finance capital but also as the inevitable
consequence of the ‘nowhere to run’ crisis of today’s neoliberalism. Instead of an established
idea that a fascist politics is totally based on a staunch economic conservatism and attacking
liberalism tremendously, it will be shown below that the fascism in nowadays itself is being
brought from the crisis of neoliberal capitalism, making the possibility of the existence of any so-
called ‘liberal’ camp obscurer.                

Philosophy behind Fascism

It is being observed historically that a Fascist upraise has never been accomplished without a
strong ideological foundation that comes with a definite sort of philosophical schooling. During
the period between the two world wars, a mostly powered ideological propaganda from the side
of the Fascist camp had been drawn, which was manifested as staunchly advocating the ‘racial
purity’, annihilating and unleashing the non-Aryan Jews. 

In today’s India, an analogous incident is being seen in the name of Hinduism,

rather Hindutwa. The dominance of Hindu ideological schooling is being increased day after
day, in recent five to six years. The old schooling of Hindu mythology such as the Ramayana, the
Mahabharata, the Manusmriti, the Vedas, and the Puranas are being forcefully indulged in the
socio-politics of nowadays India, opposing the scientific conscious and enforcing regressive,
boorish and inhuman mythological propaganda among the mass. This is to be mentioned further,
that the ongoing mob-lynching and the corresponding Muslim-hatred and Islam phobic
tendencies, campaigned and propagated amongst the mass-psychology, in favour of
strengthening the slogan of ‘Hindu Rashtra’ and ‘Akhand Bharat’, a united ‘Hindu State’, are
solely based on ultra-nationalist barbarianism, advocating for a totalitarian and autocratic state
machinery. 

For both the cases, the previous Fascist emergence in the pre-WWII era, and in nowadays India,
it is common, that the ultra-nationalism in one hand is being intercourse with the ultra-racist or
ultra-religionist ideology on the other, according to the existing situation, producing a dictatorial,
authoritarian and totalitarian ideology, connecting the state shamelessly with historically and
scientifically rejected reactionary social filths. 

This interconnection between state and religion or state and ethnicity or state and race, whatever
it may be, according to the period and situation, is nothing but the manifestation of the Fascist
ideology and philosophy. However, the ideology and philosophy behind Fascism are profoundly
vulgar and possessing their origin in the doctrines that are counter-scientific and counter-
historical. The idea of Fascism has been nourished solely based on distorting history and science
—the two fundamental subjects that have played the utmost role in the development of human
civilization.            

It will be analysed later that, why a well-founded philosophical base is required for such an
uprise, disclosing the fact too that, not always a Fascist upraise can be accomplished, even if
there is a strong foundation of such ideological schooling.     

Being the most reactionary political ideology of human civilization, Fascism, during its first
emergence in the nineteenth century, had been possessing its deep roots in the most ultra-
retrogressive schools in Europe! 

The legacy of such an ideology had to be drawn from the ancient era of human civilization to
preach the boorish tendencies to inject a ‘jungle rule’. And definitely, history has witnessed the
same. The legacy of old Roman dynasty and the old Aryan racial purity were the two ideological
backbones of Fascism and Nazism in Italy and Germany respectively. 

There are although a plenty of works on the philosophical and ideological basis of fascism, we
will show that amongst all such ideological stands there are two fundamental counter-scientific
and counter-historical ideas which play the most serious role behind the basis of Fascism—the
first one is Social Darwinism and the second one is the staunch negation of the fact that man is
sovereign over nature, a truth that is inferred from the materialistic analysis of history. 

Before we examine these two postulates, it is to be mentioned that the emergence of such
reactionary ideology was being started to be studied, since the last decade of nineteenth century
—almost thirty years back of the Fascist upsurge, predominantly in a schooling named ‘fin-de-
siècle’, with their ascendancy of the ultra-nationalist thoughts of the then Europe during 1890s.
‘fin-de-siècle’ theme arose in Europe with the intellectuals, namely Gabriele D'Annunzio and
Eurrico Corradini in Italy, Maurice Barres, Eduard Drumont and Georges Sorel in France and
Paul de Lagarde, Julius Langbehn and Arthur Moeller van den Bruck in Germany. 

Social Darwinism was a fundamental component of fin-de-siècle schooling. Darwin, in his

Evolution theory, discovered the rule of ‘survival of the fittest’ in natural life, among the animals
of nature and theorized the evolution of different species of the animal kingdom in nature. But
this was solely concerned about the natural life of different species, the term ‘fit ‘being coined as
the course of ‘natural selection’. The theory of Darwin, applicable to nature, is also
unscientifically and irrationally has been being implemented in the case of society by the
bourgeoisie intellectuals and philosophers, since the early days of capitalism. They analyse the
class-society as just the variation of fitness and capability of different persons, justifying every
sort of exploitation and oppression as the consequence of ‘incapability’ of the exploited one.
Hence, bourgeoisie ideology and theoreticians always promote the ideologies of ‘social
Darwinism’ may be in different names, to make a propaganda that the exploitation, repression,
and poverty of the majority of the mass in capitalist society, takes place due to their ‘inability’
and ‘disqualification’, and hence they are not ‘fit’ to ‘survive’!       

In reality, there are antagonistic classes, based on the mode of production, in a society. And
therefore, the exploited classes, the oppressed races and ethnicities and genders are socially in a
backward condition, not because of their ‘incapability or unfitness’, but due to the private
ownership over the means of production, that the exploiting classes enjoy.       

But the fin-de-siècle ideology was far ultra with this issue of Social Darwinism. They sought for
the ‘survival’ of the racial purity to produce a better generation and to eliminate the other
oppressed races and ethnicities for the ‘future’s sake’. Social Darwinism, as campaigned by this
school, challenged positivism's claim of deliberate and rational choice as the determining
behaviour of humans, focusing on heredity and race. Social Darwinism's emphasis on bio-group
identity and the role of organic relations within societies fostered legitimacy and appealed for
ultra-nationalism. Consequently, such ideology can never avoid the very occurrence of the
bloody eradication of the oppressed ethnicities or race or religion to establish the ‘existence’ of
the domination of the oppressor race or religion. 

This was later observed during the emergence of Hitler in Germany, where the Nazis eradicated
the Jews to protect their racial purity and the concentration camps were built to throw the Jews in
the den of death. Nazis claimed that the Jews, communists, social-democrats, progressive
intelligentsia, homosexuals and criminals are the ‘racially undesirable elements’ and hence
should be eliminated from the society to build up a powerful nation—a dictatorial statehood!

Nowadays, when the immigration problem is hitting at the door throughout the planet and
emerging as the NRC issue in India, the same has been come forward. The mass-killing
operations in the name of war in the Middle East, the USA and the pan-Europe campaign against
Islam and Muslims, the Muslim-lynching operations in India under the BJP-RSS regime,
throwing off crores of people in the detention camp, in the name of NRC—all these are the
example of this brutal act. 

The second part, that we must explain while understanding Fascism, is the negation to the fact
that ‘man is sovereign over nature’. A materialistic and dialectical study of the history of human
civilization makes it clear that the development of the human race is carried under a dialectical
development of nature and human labour. The primary distinction between the man and animal
lies in the fact that man can produce, he has a production system. This was however initiated
from the natural resources and experiences, but it was man’s genius that he gradually developed
a system, that can meet his demands, even without the sole dependence on nature. In other
words, it is the ‘production’ that distinguishes man from other species, because he can meet his
needs from every natural phenomenon with conscious and living human labour, unlike the other
species. This is the reason, why man has become sovereign over nature throughout lakhs of years
of its struggle in nature. 

The fascist schooling, such as ‘fin-de-siècle’, disowns this fact. They state that the human race is
completely submitted and dominated by nature and like other animals. Disowning the historic
struggle of man, this school injects the primitive inhuman and barbaric lifestyle of man. This
indeed brings the ultra-mechanical idea, that we are exactly how nature has made us. And hence
there is no question of development, there is no question of uplift of the backwards—everything
is so non-dynamic and stagnant and is being governed by a ‘supernatural’ nature. This, in one
hand, helps the propagation of counter-historic thought among masses, killing entirely the
rationality among the society, and develops an idea of bringing back the medieval and ancient
religious cultures and myths in the present days—mythology takes the place of history.    
What is being seen in today’s India, as the worship of Hanuman, Rama or Mother-cow, with a
‘bonus’ of claiming that all the inventions of modern science from aeroplane to plastic-surgery
had already existed in the ancient era of ‘mythological periods’—morphology takes the place of
science.  

This is already mentioned that such an ideology and schooling is based upon the negation of
‘rationalism’ and ‘individualism’! They denied with the ‘individualism’ not in a sense to protest
‘isolation between man and society’ but to superimpose structured domination over the
individual, to estrange the living human components from the society, to represent society as a
‘mechanical system’! Undoubtedly this superstructure could be nothing but the ‘State’—the
dictatorial apparatus of the oppressing class. 

The question of liberty as they analysed as a contrary to ‘collective development’, the

rationalistic individualism was condemned by them. They advocated for a collectivization
irrespective of class, to beguile the question of class struggle and urged for an integrated state-
power to reign over the common mass! In a nutshell, their thought was based upon an iron rule
authoritarianism governed by the State, to repress the desires of the mass and to represent such
authoritarianism of State as a demand of mass! Their proposal, therefore, was to substitute the
living human choices by the choice of State. This is the major characteristic of Fascism which
barely advocates to kill the living human choices, to diminish the fundamental rights of common
people, promulgating individual human choices as contrary to the nation’s development, arguing
peoples choices and rights to be suppressed by the State. 

French nationalist and reactionary monarchist Charles Maurras’ influenced Fascism. Maurras’
promoted what he called ‘integral nationalism’, which called for the organic unity of a nation and
insisted that a powerful monarch was an ideal leader of a nation. He claimed that a powerful
monarch was a personified sovereign who could exercise authority to unite a nation's people.
Maurras' integral nationalism was idealized by Fascists but modified into a modernized, so-
called revolutionary form that was devoid of Maurras' monarchism.

French revolutionary syndicalist Georges Sorel promoted the legitimacy of ‘Political Violence’
in his work ‘Reflections of Violence’ (1908) and other works, where he emphasized the need for
a revolutionary Political Religion. Also in his work The Illusions of Progress, Sorel denounced
democracy as reactionary, saying "nothing is more aristocratic than democracy”. Sorel became a
supporter of reactionary Maurrassian nationalism beginning in 1909 that influenced his works.
Maurras held an interest in merging his nationalist ideals with ‘Sorelian Syndicalism’ as a means
to confront democracy. Sorelian Syndicalism played a key role in the foundation of Fascist
ideologies. 

These were the basic schoolings and ideological backbones of Fascism those had been in a
developing condition during the ending decades of the nineteenth century. These ideologies had
nothing to do being foreclosed among the philosophical schools of Europe and had to be sprung
out in a particular socio-economic condition of crisis, being manifested as a Fascist uprising.       

The Class Character of Fascism

Since the Fascist ideas were the ‘heartfelt supporters’ of ‘State’ which is the apparatus of
dictatorial oppression of the ruling class—the bourgeoisie class, over the working class, poor
peasants and the other poor sections of the mass, the class character of Fascism must be in favour
of capitalism without any doubt. But the smoggy tendencies of Fascism, having intensive inner
conflicts, manifested by their demagogic attitude in one hand and the mass-killing actions in the
other, hatred for ‘liberal bourgeoisie’ in one hand but support for the profiteers in other, creates
turbidity to analyse the class character of Fascism. 

In the year of 1935, during the seventh World Congress, General Secretary of the Executive
Committee of Communist International Georgi Dimitrov proposed the theses of ‘United Front
Tactics’ to combat against the political uprising of Fascism in the milieu of the Second World
War. Dimitrov analysed Fascism as the ‘open terrorist dictatorship of the most reactionary, most
chauvinist and most imperialist elements of finance capital’. The different opinions regarding the
analysis of the class-character of Fascism had been proposed during the days of its uprising,
explaining it as the ‘government of the petty-bourgeoisie’ or the ‘government of the lumpen-
proletariat over finance capital’ and even Otto Bauer explained it as “standing above all classes
—both proletariat and bourgeoisie”. On the contrary, Dimitrov identified Fascism as ‘the power
of finance capital itself’ which is directed against the ‘working class and the revolutionary
section of the peasantry and intelligentsia’. 

As we have mentioned earlier, that the ideological basis of Fascism was intensified in the last
decade of the nineteenth century, it has to be observed critically that this was the period, when
the precedence of ‘finance capital’ was accelerating, compared to the ‘productive capital’ and the
role of the banks had been in a transitional situation from ‘intermediaries between capitalists’ to
‘powerful monopolies of capital’! The banks were developed from modest middleman
enterprises into the monopolists of finance capital. Undoubtedly, it was the commencement of
the era of the dominance of finance capital which acquired its power rapidly during the period of
WW1 and Mason the material base for Fascism.   

Dimitrov located the rise of Fascism in different countries in a different manner just according to
their socio-political and economic condition, and the interconnection of such conditions with the
whole International situation. Despite of its common character of ‘dictatorship of finance capital’
he analysed that the countries where the Fascists have no broad mass base and where the inner-
struggle between the Fascist camp itself is very sharp, they not even abstain to demolish the
parliament but also allow the liberal bourgeoisie and social-democrats to retain a tittle of legality.
On the other hand, the countries where ruling bourgeoisie fears an early outbreak of the
revolution, Fascism establishes its rampant political monopoly either immediately or through
intensifying the predominance of terror against every opposite parties and group and obviously
against the working class and the poor peasants and the radical section of the intelligentsia. 

One if sees the accession of the Fascists to the power just as the replacement of one bourgeoisie
government by another, it will be a deep mistake. The accession of Fascists to the power is a
transition of the state-character from ‘bourgeoisie democracy’ to ‘open terrorist dictatorship of
finance capital’. This distinction becomes most important as it reveals the inner conflict between
the bourgeoisie camp—the conflict between the ‘liberal bourgeoisie’ and the ‘Fascist-
bourgeoisie’, the conflict between ‘bourgeoisie democracy’ and ‘open terrorist dictatorship of
finance capital’. It should be mentioned that the political conflict between these two camps
comes to the forefront when the minimum democratic rights, those are even ‘accepted’ and
‘affiliated’ in the ‘bourgeoisie state’, become impossible to be provided by the state.
Undoubtedly, it is capitalism in deep crisis, when the eco-political conditions do not allow the
state to maintain its liberal and the so-called ‘welfare’ measures for the ‘people sake’!

Now, it is to be understood deeply that how a ‘dictatorship’ can be popular among common
mass! It is to be carefully seen that the rise of Fascism takes place in the crisis period of capital
—the situation which makes the life of the common mass devastated through the rampant
economic oppression through an unprecedented amount of economic and social disaster!
Fascism being risen in such a period, demagogically appeal the people to get integrated for the
‘nations sake’ and a ‘better future’ through utilizing the words such as ‘socialists’ and
‘revolution’, those are fostered in the mind of people during the stormy socio-economic
conditions. That is why the Fascists proclaim themselves ‘socialists’ and their accession to the
power as ‘revolution’! 

 Neoliberalism & Present-Fascism

The history of Fascism is inseparable with the two most devastating warfare of human
civilization--- the First and the Second World war. Lenin identified it as the era of monopoly
capital and the unprecedented predominance of finance capital which impelled the western
countries to export capital abroad. To elaborate such situation Lenin wrote: “…. To the
numerous “old” motives of colonial policy, finance capital has added the struggle for the
sources of raw materials, for the export of capital, for “spheres of influence”, i.e., for spheres
for profitable deals, concessions, monopoly profits and so on, economic territory in
general.” (Imperialism: The Highest State of Capitalism). It was the ‘inner conflict of
Imperialism’, as termed by Lenin, built up the very situation of Imperialistic war for the ‘division
and re-division’ of the colonies—the economic territories. 

War at the Third Place

As the villains of the twentieth century were thrown off to the dump of history, when victory
kissed the foot of the ‘Red Army’ of Soviet Russia, ending WW2, the international situation
entered into a new turmoil through the uprising of the ‘Socialist camp’, led by USSR, expanding
it up to two-thirds of the world, throwing an imperious threat to ‘Capitalist Camp’, led by USA,
preceding the situation of ‘Cold War’, where the war between these two camps ostensibly
manifested as the conflict of culture—Cultural Warfare. But what was ‘apparent’ made the
situation opaque to be understood, hiding an enormous number of war conditions throughout
Asia, Europe and Africa, funded by these two camps! 

During the fifth and the sixth decades of the twentieth century, France intervened to diminish the
communist guerrilla forces in Vietnam, Laos and Cambodia by funding the local gangsters and
the Harmads. Both, the communists and capitalist France, were funded by the smuggling of
Opium from Laos to the markets of Europe. 

In the early sixties, the US generated "Justification for U.S. Military Intervention in Cuba" by
pretexting the false allegation of ‘terrorist activities by Cuba against the USA’ which was exactly
opposite in reality! The USA formed a counter-rebellion organization, funding it fifty millions of
dollar every year, to promote terrorist attacks against the communist government of Cuba. Same
was adopted against Vietnam in 1961, Colombia in ’62 and Central America in ’66 by the USA. 

From 1971 to 1981, during the Salvadoran civil war, USA funded Salvadoran government 156
millions of dollar among which 35 million were only for army expenditure! FMLN, the
opposition and rebel communist guerrilla force were fighting against this military-led El
Salvador government being funded by USSR. The United Nations has estimated that among
75000 killed people, the FMLN guerrillas were responsible for 5% of the murders of civilians
during the civil war, while approximately 85% of all killings of civilians were committed by the
Salvadoran armed forces and death squads, funded by the USA.

Same things happened in Africa, where the capitalist camp formed a ‘Safari Club’ to wreck the
communists. As a reaction to the assassinating strategies of Safari Club, communists too were
involved in the warfare against Safari Club! 

The oil crisis of the seventies made the conditions worse! The huge amount of surplus, produced
due to the ‘first oil shock’ of 1973, was used for the war against US-imperialism, mostly by
Muammar Gaddafi, who was emerged in Libya, ousting western-backed Senussi monarchy of
Idris. To fight against imperialism, Gaddafi started sponsoring the assassination and terror
politics through the enormous amount of oil surplus! 

Afghanistan was another centre in Asia, where the collision between the Imperialist camp and
USSR reached a sanguinary condition. To diminish USSR supported communists of
Afghanistan, USA formed an Islamic terrorist organization ‘Mujahidin’, funding around 5 billion
dollars each year, through the intense link between ISI and CIA. Consequently, the Afghan-Pak
border became the largest heroin production centre of the world with an annual profit of more
than a hundred billion dollars. 
In the disguise of ‘Cold War’ and ‘Cultural Warfare’ between USSR and USA, there were an
enormous number of indirect wars and war unrests between these two camps those were
manifested in the ‘third places’. Especially in middle-east, the USA funded an immense amount
to the Islamic terrorist organizations to defeat Soviet Russia, to destroy the power of Socialism. 

Through the betrayal of Gorbachev and the then leaders of CPSU, when the Soviet Union
collapsed, the condition of the countries in Central Asia became worst. The GDP in current
prices growth rate experienced a fall at that time, illustrated below:

Turkmenistan Tajikistan Uzbekistan Kazakhstan Kyrgyzstan (Source: World Bank)

Figure: 1

The situation as depicted here shows the fall of GDP growth rate of Kyrgyzstan from 13.20% in
’88 to -20.09% at ’94; that of Turkmenistan from 35.38% in ’90 to -17.30% in ’94; for Tajikistan
from 13.20% in ’88 to -29% in ’92. The figure shows all the countries of central Asia had
possessed a negative GDP growth rate throughout the last decade of the last century.
Let us observe another thing that the arms exported during the last three decades before ‘Soviet
fall’ by the USA, UK and France had shown an increasing tendency, especially in the USA from
6.02 billion dollars in ’60 to 10.74 billion dollars in ’90 with a sharp acclivity of 16.07 billion
dollars in 1975.

Figure: 2

Hence the war at ‘Third Place’ became the most preferred choice for the western imperialist
camp led by the USA to ‘sponsor’ war in a ‘third place’ which is economically fertile, not only
for exporting capital and capturing market and resources only but also to commoditize the ‘war’.
This war at ‘third place’ transformed war ‘as an effect of the imperialist economy’ to an
‘economy’ itself--- undoubtedly a change in quality.   
 
Fall of Soviet: Turmoil in Central Asia and Religious Terrorism 
As mentioned earlier that the collapse of Soviet Union had the direct effect on the countries
under the socialist camp, especially in the countries of central Asia, those were secular, with the
majority of the citizens being Muslim. After the fall of Soviet, the western banks when shifted
their investments from these central Asian countries to Latin America and the countries of East
Asia and East Europe, the Islamic banks from Turkey, Iran and UAE came to invest on these
Muslim majoritarian countries of central Asia and Africa. 
The Islamic Development Bank (IDB) in such a situation intervened in the central Asian
countries such as Azerbaijan (1992), Kyrgyzstan (1993), Turkmenistan (1994), Kazakhstan
(1995) and Tajikistan (1996). IDB and other Muslim banks and trusts are based upon the
religious integrity, endorsed ‘religion’ in the ‘State’ and consequently founded the cornerstone of
religious fundamentalism in the state level. The situation became most terrible when anti-soviet
Afghan leader Osama Bin Laden penetrated Central Asia for Islamic charity and formed ‘World
Islamic Front for Jihad’, through an alliance with the Saudi terrorist leader Ibrahim Al Sayed Al
Nagar. 
The son of a billionaire Saudi construction magnate, Laden had an estimated net worth of
hundreds of millions of dollars, including real estate in Paris, London and the Cote d'Azur, and
as much as $150 million in stock. He ran a portfolio of legitimate businesses across North Africa
and the Middle East. Companies in sectors ranging from shipping to agriculture to investment
banking were throwing off profits, while also providing cover for the movement of soldiers and
procurement of weapons and chemicals. 
After the first oil shock of 1974, an enormous amount of capital was accumulated in the Arabian
countries due to the frisk hike in the price of the oil-monopolies. Consequently, an equivalent
amount of capital was outflew to the giant banks of imperialist states. 
Thus the post-soviet era produced the basement for religious fundamentalism and terrorism as a
sub-product of capital. Later we will show how it took part in developing the fundamental basis
for the uprising of Fascism. 
Neoliberalism: A higher stage of Imperialism
From the ‘70s, as the Bretton Woods system collapsed, majority of the countries started to follow
the path of neoliberalism, although the crisis of 2008 (real-estate collapse) revealed the decrepit
condition behind the lustre of modern capitalism. Without identifying the characters of
neoliberalism it seems impossible to understand the form of today’s Fascism. The symptoms
such as privatization, austerity, deregulation, free-trade, if are considered as the neoliberalism
itself, it will be analogous to identifying malaria, only by the fever it causes, overlooking the
existence of the dangerous virus in the blood. This consideration explains the neoliberalism only
as a chosen policy of the state, ignoring its newly added economic features that are indicating a
complete transformation in the mode of production, under the capitalist regime.   
A critical view reveals that there are five main features of neoliberalism, which expose it not as
mere a group of policies adopted by the state, but as the advanced phase of capitalism-
imperialism. 
Firstly, the free flow of capital in every national state by the formation of trans-national
companies, led by international finance capital.
Secondly, the picture of ‘employment per investment’ throughout the world (quantitative and
qualitative both) is remaining same; more the investment, less the employment per investment,
resulting from the wide propagation of ‘informal sector’. 
Thirdly, the transformation of the surplus of labour value from the smaller investment sector to
the larger investment sector, from the agriculture to industry, and from one currency area to
another, according to the amount of investment and economic power; consequently, beside the
imperialist tendency of exporting the excess capital to the foreign countries, the newer tendency
to import capital in own country from abroad to earn excess profit has emerged. 
Fourthly, A qualitative change in production replacing the production of enormous serviceable
low-cost commodities by the repetitive production of less-durable costly commodities in lesser
quantities with newer technologies.
And lastly, a central orientation towards the speculative trading with the ‘future products’ (which
are not yet produced) and their trading contracts (derivative trading) from the older speculative
trading with the products in stock (stocks trading).        
This development, rather may be called a transition of Imperialism at its newest form,
‘Neoliberalism’ has brought an epoch-making change in the present economic system,
developing the structure of capitalism from MàC à M+ m to Mà M+ m in the very days of
‘speculative trading’, often known as share market trading, where apparently it is seen that
money alone is producing more money without any commodity production between! 
The crisis of capitalism grows from the womb of ‘overproduction’ as described by Marx-Engels
in ‘Communist Manifesto’, which is manifested as a large number of unsold commodities in
‘material terms’ due to the conflict between huge production and a very limited purchasing
power of the people but manifested in ‘economic terms’ as the ‘output’ (M) is lesser than the
‘input’ (M+∆m), violating the general law for a system to be consistent, leads to the only way
out of credit system to be run by. This overproduction leads to develop and expand the stock
market trading where the stocks are bought when the price is low and sold when it is high. These
are all evident during the first seven decades of the twentieth century.  
But the era of neoliberalism has introduced a new trend on such ‘stock trading’, based upon the
exchange of different sorts of contracts, between different corporations regarding real trading in
future with a strategy to make a profit out of those commodities which are not even produced
presently— known as ‘derivative trading’. Such kind of trading instigates not to invest in
production but to the speculation market, generated from the tendency of repetitive production of
costly and less durable commodities, comparatively in the smaller quantity, with newer
technologies again and again (the fourth and fifth features of neoliberalism, stated above, are
thus found to be inter-linked). 
Such a repetitive trend of production enhances an enormous number of contracts regarding
production and trade in future! Undoubtedly it is a transformation of ‘overproduction in
ensemble’ (the enormous number of replica unsold commodities) to ‘overproduction in time’
(the enormous number of contracts regarding production and future trading) which is nothing but
a transformation from ‘quantity’ to ‘quality’. 
Before dealing with this let us define the Gross Capital Formation first. The Gross Capital
formation for a specific country refers to the net capital, which is accumulated during an
accounting period. What we can find that, if the inventories are plotted as a percentage of the
GCF, it has been showing a decreasing tendency in all the first world countries
.

Fig: 3

The figure above is showing that how the inventories as a percentage of GCF has been in a
monotonically decreasing condition since the last five decades, from 4-5% in the ‘60s to 0-1% in
2001-10, for all the most powerful capitalist countries in the globe. The communist party-led
China, although is possessing quantitatively a higher value, a similar trend of decrease in the
parameter, mentioned above, is being observed for China too.

An apparent view of this may create confusion that the decrease in the relative amount of
inventories is probably indicating the disappearance of the central crisis of capitalistic mode of
production, i.e. overproduction. But in reality, it is nothing but a qualitative shift of the
overproduction itself—form ‘overproduction in ensemble’ to ‘overproduction in time’. Hence
the central contradiction of capitalism is not being changed but is transformed in a newer form.
That is the reason why the older ‘stock trading’ with the existing ‘stocks in hand’ is being
replaced by the futuristic ‘derivative trading’, with the stocks as the contract papers of the
production of such commodities, those have not yet been produced.

Since the commodities corresponding to the future trading are expected to be produced in future,
the price of such futuristic stocks can be raised to any arbitrary value. Besides that, when the
entire trading mechanism is being shifted towards future, resulting to the emergence of an
enormous number of futuristic contracts, the total price of such futuristic contracts even may
exceed the current GDP and consequently, it cannot be appropriated in reality. To stabilize such
a situation, the capitalist government may take a measure by controlling the speculation price in
the stock market, which can bring an instantaneous relief only. But as the stock prices are being
taken down, the investors withdraw or invests in a lesser amount in the market, which therefore
brings a reduction in GDP growth rate. This is how modern capitalism is trapped within the
inherent contradiction of its production. Let us now look at the contradiction more deeply.

We will start with the ‘Stagnation-Financialisation Trap’ as described by Machesney and Foster
would help us to study the situation below.

The world economy, in last five and half decades has been declining continuously, as the GDP
growth rate per year has been exhibiting a significant downfall from more than 6% in the 1960s
to only 2% in this decade. On the other hand, the stocks traded globally, as a percentage of world
GDP, if are plotted, exhibit cyclical financial booms, followed by corresponding collapses. The
following figure shows:
 Figure: 4

The above figure (Figure: 4) and facts can be explained from the nowadays neoliberal economic
structure. The trading with the futuristic stocks leads to a condition, where the price of the stocks
can be raised to an arbitrary value that even may exceed the present amount of real GDP,
appropriation of which is impossible in reality. But at the time of maturity when the real
production becomes unable to meet the arbitrarily expanded financial bubbles of derivative
trading, the immediate collapse comes as the maturity date arises and the share prices drastically
fall. This happens after each high rise in stock price, since the date of maturity of an enormous
numbers of contracts coincident at the same period and as much as the tendency of such
futuristic stock game is enhanced, the possibility of such sharp fall has been being increased,
which is being observed since the ‘90s of the last century.

Such a fall in price leads the investors to invest lesser or even withdraw, resulting as the drop in
the GDP growth. That is what we find as the relation between the above two figures— how the
drop in the GDP growth is an ‘effect’, the boundless increase of the price of the futuristic stocks
being the ‘cause’. This is the inherent contradiction of today’s temporal mode of production,
under the neoliberal regime.

Let us observe a deeper fact now. The stocks traded as a percentage of world GDP since is
exhibiting the sequence of booms and collapses, we would like to see how it is playing in case of
the capitalist power-centres of the planet.

Figure: 5

The figure above (Figure:5), is showing that the stocks traded, as a percentage of the countries,
real GDP for USA, UK, China and Japan has followed the same tendency as that of the entire
globe. It is to be remembered that each of the crests, as we can see on ’92, 2000, ’08 and ’16, in
Japan, US, US and China &US respectively shows a typical recessional crisis in this countries,
affecting the other power-mongers too and also in some economically less-powerful countries in
the globe, which were connected to them in international trading relations.

This is to be mentioned further that the development of the neoliberal economy has emerged a
situation, where ‘crisis’ is being transported from one nation to another. This started when the
Bretton Woods system of trading was rejected in 1971. The gold standard was replaced by the
individual currencies of each nation for foreign trading. But in practice and through the political
empowerment the US dollar remained as the dominating currency in the international market.
Not only the US dollar but also the euro, yuan, yen—all the powerful economic forces got
dominance over the international market.

Since the trades are carried in these currencies, the inflationary pressure, which is being brought
as the GDP growth rate increases due to the continuous remodelling of the products for a hike in
price and not in the numbers of products, corresponding to the current temporal mode of
production, is transmitted among the ‘second-layered’ countries, through the currency
transportation.

For example, let an amount of US dollar is accepted by the Reserve Bank of India, through
international trading between India and USA. Then, an amount of the US dollar, which is taken
away from the US market, will reduce the inflationary pressure it is suffering from. On the other
side, the corresponding trader or bank in India will now deposit the dollar amount in the Reserve
Bank of India, to get the same amount of money in the rupee. This issuance of rupee as soon as
enters the domestic market of India, it will be excess over the domestic products, inviting an
inflation pressure on the market. That is how inflation is being transported from one nation to
another.

That is what we observe in the figure above (Figure:5). The figure is depicting the fact that
however each of the crisis (the significant peaks and the corresponding collapses) has exerted an
effect on the global economy, there are several epicentres of such crisis, represented by the
powerful economic big-brothers of the planet, namely Japan, US, UK, China. And for each
collapses, the epicentres are being shifted from one nation to another, from one currency-zone to
others. This can be seen as the transportation of crisis from one nation to another through
international trading, which is explained above.

The phenomenon that is needed to be looked at, is the gradual increment of both the troughs and
the crests of the curves above (Figure:4). More precisely, if we name a financial boom followed
by the corresponding collapse as a ‘cycle’, the financial booms and the corresponding drops in
each cycle have exceeded their previous booms and collapses respectively. This is indicating the
fact that at each cycle the peak of the financial boom and the base of the corresponding collapse
are being increased. What does it mean? As we have shown, that there is a gradual decline in
inventories since last five decades, due to the emergence of a temporal mode of production, it is
obvious that the overproduction in ensemble to is decreasing. But since the base level of the
‘stocks traded as a percentage of world GDP’ is showing an increment, it becomes obvious that
the temporal overproduction is becoming a general tendency of the world economy. It can be
seen that the bases of the stock curve, even after a sharp collapse is approaching the amount of
real GDP.

This explains a typical danger as a consequence of the crisis, that the neoliberal economy is
going through. It is quite clear, that the transportation of the financial crisis from one nation to
another, through international trading, is nothing but a ‘temporary unstable safety-system’
introduced by the neoliberal capital. But when the base level is even approaching the cent per
cent of global GDP, it becomes clearer that even a sharp collapse through a crisis is being proven
incapable to control the financial bubbles. This is indeed indicating an inevitable financial crisis
all over the world. Such a crisis where the finance capital has ‘nowhere to run’ from, leads to the
emergence of most vulgar and reactionary elements of finance capital.

When there is no way to control the stock market through several liberal measures, it becomes its
existential question and thus a bunch of massive destructive policies are required to be applied to
forcefully demolish such finance bubbles. Imperialist wars, genocides, massacres and several
brutal state-dominances, even eradicating the minimum democratic scopes available usually in a
capitalist state, become in such conditions the best choice for the finance capital. This reveals the
fundamental foundation of a Fascist uprising when the finance capital is doomed into its deepest
crisis and therefore is exposing its most chauvinist, most reactionary and most imperialist
elements, representing a Fascistic tendency.

A Comparative Analysis

Through a rigorous analysis it has been made clear that the definition of Fascism, as given by
Dimitrov that it is the deep crisis of finance capital, where the Fascism rises from, as the open
terrorist dictatorship of most chauvinist, most reactionary and most imperialist elements of
finance capital, is still being proven correct by the present neoliberal economy. But there are
several fundamental differences between these two uprisings, based on their causes, which are
coming from the transformation that the capitalism has gone through, from its older ‘classical
imperialist’ phase to nowadays ‘neoliberal imperialist’ phase.
We have mentioned that the emergence of neoliberalism has introduced the formation of
transnational corporations, which enhances the unrestricted flow of capital, throughout all the
national states. This is why the economies of different nations are presently bounded by a single
chain, and therefore when even the transportation of crisis is becoming ineffective day after day,
to overcome the crisis, as the temporal overproduction is approaching the real GDP, the crisis is
becoming a global phenomenon. This is proof that along with the most dominant nations of the
global market, the developing economies, connected to them, are also tied in the same crisis
rope.

During the era of Second World War, although there was a massive crisis, developed mainly
through the great depression of 1929, the situation was not so complex that every imperialist
force in the global economy was about to sink in the ocean of crisis. This was possible due to the
existence of national corporations, as it was the era when the flow of capital was partially
restricted through the national boundaries. That is the reason why other than the Fascist camp,
there was a liberal camp too, mostly led by the then biggest imperialist-colonialist powers of the
globe, such as USA, UK, France etc.

Unlike the previous age of Fascist uprising, since the crisis of temporal mode of production of
today has developed a condition that every significant economy of world has been sinking in the
crisis, leading towards an absolute global crisis, the chances of the emergence of a liberal camp
from this crisis-drown neoliberal capital, seems to be ceased gradually. It is a fact that both the
camps be it Fascist or liberal, exist only due to a material condition. It was the material condition
of the then USA, UK or France that they had to take an anti-Fascist stand by taking a part in the
anti-Fascist struggle led by USSR, during WWII. There was no pro-people question for such
stands, taken by them; they were fighting for the corporations behind them, which were not
drown in such a crisis that calls for a fascist politics, which exposes the inter-contradiction of
imperialism itself. Under the neoliberal regime, such a stand has been gradually losing its
material base. Although, it does not makes the inter-contradiction of the neoliberal economy,
neoliberal imperialism, which is being observed through the US-China trade war or the

That is what is observed from the USA to France, from India to Russia—all of them are either
run by the proclaimed Fascists or the right-wingers, taking authoritarian stands to desperately
overcome the crisis. This can be made clearer if we take out country India as an example.
India imports the highest amount of its imported commodities from China (around 13%) and
exports the highest amount of its exported commodities to USA (almost 13%). As we have
shown in Figure: 5, from 2016 onwards there is huge turbulence in the stock market of both the
nations. India, being in a position of a channel between these two, through international trading,
it is solely under a threat due to the emerging crisis in these two nations. And, in such a turbulent
condition the accession of power by BJP, led by Fascistic RSS is depicting the significance of
the impact of the neoliberal economy in nowadays fascism. From demonetization to GST, from
revocation of 370 and 35A to NRC bill, from new UAPA amendment to the worst-ever
amendments in labour act—all these are the reflection of a crisis-scared condition. The
interesting part is, there is no such main-stream political party in India, opposing these
fundamentally. Some of them have staunchly taken a stand in favour of some of these bills.
Some of them have opposed some of those bills based on mere technicalities, such as the way of
implementation, but no fundamental opposition from them came out.

This is the proof behind the fact that how the Fascist camp is becoming powerful through the
current political economy as there is no such fundamental opposition, existing in main-stream
politics.

Another distinction between the previous days Fascism and nowadays Fascism lies in the
implementation of Fascist ideological viewpoint. During WWII, racial purity became the prime
question of the Fascist outburst, which came out as chauvinism and ultra-nationalism. The
conceit of proclaimed Aryan-race became the factor behind annihilating other dominated races
and ethnicities through committing genocides. This is what was done by the Axis-power nations,
especially Germany and Italy. This was made possible since the interest of the national-states
was adjoined to this.

But in the era of transnational corporations, chauvinism and ultra-nationalism, are being
introduced in a far compatible way with the current political economy. This can be seen from the
analysis above that how in the post-soviet era, religious terrorism in the Islam-populated central-
Asian nations was developed by the US-imperialism. This ‘Islamic-terrorism’, funded by the
imperialism itself, is being made the basic foundation of the Islamophobic campaigns by the
imperialist countries. The imperialist powers from the US to the UK, from France to Germany,
all are being engaged in spreading hatred against Islam, keeping an excuse of ISIS or Islam-led
terrorism. Same is being developed by the BJP-led India with the name of Pakistan. The older
philosophy of coming out as a dominant race throughout the globe, of the then fascism, is now
being replaced by dominating a single community, the Islam community, with a deliberately
developed hate-propaganda against them, throughout the world, by every politically and
economically powerful nation in the world.

The Middle East countries, on an addition, being equipped with the planet’s greatest storage of
crude oil, the Islamophobic propaganda, as a reaction to the Islamic-terrorism, has acquired more
material basis. The army intervention, in the name of ISIS and terrorist killing, or the excuse of
civil war, committed by the first world imperialist powers, are all due to capturing the immense
natural resources stored in these places, especially the crude oil.

We have mentioned, that in the era of neoliberalism, the surplus of labour is being transferred
from the labour-intensive sector to the capital-intensive sector; from the lesser-investment sector
to the greater-investment sector; from one currency-region to another according to the amount of
investment and the economic power of the currency regions. And therefore, a newly added
feature of importing capital in own country comes out, along with the existing tendency of
exporting capital.

As we have mentioned that as a consequence of the first oil shock in1974, the frisk of the price
hike of the oil monopolies summoned up an enormous amount of capital. Because of the
tendency of importing capital in own country, an equivalent amount of capital had been being
outflowed to the banks of imperialist nations. This led to giving birth a new contradiction of
neoliberalism, regarding the monopolization of oil business, which is being manifested as the
devastating warfare between the imperialist giants and the Islamic-terrorism.

The figures and data, as depicted above, are showing that the temporal mode of production,
under the neoliberal regime, leads to the immense crisis born from temporal overproduction,
resulting as the fascist uprising, with a tremendous war-tendency. But this warfare nowadays is
quite different than that of WWII. The Second World War was based on the prime agenda of
redistribution of colonies to export capital. But since the neoliberal regime has emerged as the
formation of transnational corporations, through the formation of international finance capital,
the war in a ‘third place’ (we have described its historical origin earlier) is replacing the previous
days war-tactics of direct warfare between imperialist powers.
But this creates some confusions which must be addressed. The development of neoliberalism
although has introduced the international finance capital, leading to the formation of
transnational companies, it does not and even it cannot retard the inner-conflict and inner-
contradiction of imperialism. This is the reason why the national boundaries, the national-states
exist, for preserving the interests of different corporations. No such situation can be developed
under the capitalist regime where the conflicts between capitalists can be demolished, since
every individual capitalist corporation are antagonistically related to each other, under the banner
of the same bourgeoisie class, resulting from the only interest of making a profit and exploiting
surplus of labour.

Some of the Marxist theoreticians and parties, who are claiming that the inner-conflict of
imperialism has been muted, since the international finance capital has been born, are completely
ignorant about the fact that in how much rapidity and acuteness several wars are being sponsored
by the different imperialist powers, in a pervasive region of Africa and Arab countries and even
in South Asian countries, manifested as the war between two or more neighbour states or the war
between two different powers at the same country, according to the political economy of the
respective region. But why the war at third place is being emerged, replacing the war between
the two or more imperialist powers?

Firstly, the direct war between the imperialist powers will bring out the burden of the destruction
and devastation of the war, directly on the imperialist nations. That has happened during WWII.
But when the international finance capital is being emerged, all the transnational companies are
possessing their assets and labour shares in other imperialist countries too. As a result, the
devastation caused by direct imperialist war may damage the interests of the international
finance capital. Consequently, sponsoring war in the third-place comes out as the best solution.

Secondly, as we have discussed that during the post- WWII era, the war itself had become an
economy. The futuristic stocks trading regarding the production of war-materials, especially
arms, are playing as a source of making a profit. This can be found in the data revealed by the
World Bank. The military expenditure of the USA in 2018 was 10,508,000,000 US$, highest in
the globe. The Germany, the South Korea and the China are possessing an expenditure of
1,277,000,000 US$, 1,083,000,000 US$ and 1,040,000,000 US$ respectively.
Thirdly, it can be seen, that the places chosen for war are enriched with enormous natural and
human resources. Capturing those resources, just as the colonial intervention (converting them
into the imperialist state’s finance colony) is one of the prime condition of pursuing a war there.

To Conclude

The analysis above has been made to expose the current rise of fascism, from the materialistic
perspectives, emerging from the global economic crisis caused by the present neoliberal
economy. The analysis, carried out above, is exposing several new features of Fascism that are
being experienced only under the current phase of the capitalist economy. Despite agreeing with
the classical definition and the foundation of Fascism, analysed by Dimitrov, the study above is
exposing some new characteristics that are compatible with the present economy:

Firstly, the acute contradiction between the camp of fascist bourgeoisie and the camp of liberals,
as observed during WWII, has been losing its objectivity, as the crisis generated by neoliberalism
is being distributed throughout the planet’s powerful economies is such a way that no such camp
of capitalists is found, which is in a condition to fundamentally reject the fascistic tendencies.

Secondly, the old racial supremacy or dominance of the previous day’s fascism has now been
replaced by the Fascistic dominance over a targeted and weak community, by all the political and
economic big-brothers of the world. The Islam religion and the entire Muslim community is
being targeted for this.

Thirdly, the old war tactics of open war between two or more big powers are being replaced by
the war at the third place, with the direct intervention between those giant forces, which is
compatible with the nowadays transnational corporation formation. Although it is not completely
rejecting the chances of direct wars between the large imperialist powers.

The three features, discussed above, are exposing the fact that the present-day Fascism is a
complete outcome of the inherent contradiction of neoliberalism. The rampant economic and
political violence led by fascism does not show its power only, but its fright too, that it has been
going through a crisis, which has no way to survive with.

Therefore, a struggle against fascism can never be designed without struggling against
neoliberalism. The majority of the lefts and communists, being unable to understand the crisis of
neoliberalism and the consequent fascist rise, are viewing neoliberalism as mere a bunch of
polices and not as a newer phase of imperialism, and thus identifying fascism as a mere
authoritarian uprising led by finance capital. They are therefore searching a pathway to combat
fascism defensively with the so-called ‘liberal bourgeoisie’, who are nothing but the faithful
drudges of neoliberalism itself. The present condition is, however, telling that an organized unity
amongst the working class, poor peasantry and all other oppressed sections of the society, it
comes to an offensive struggle under the leadership of the working class against the
neoliberalism, and hammers the weakest gland it has, not only the fascism will be defeated, but
such an outburst may cause a revolutionary change in the economy, leading to the collapse of the
entire capitalist system.