Economic Update with Richard D. Wolff
Episode: Fascism: An Analysis for Today [REPEAT]
Date: November 28, 2019

Episode Overview

Richard D. Wolff dedicates this episode of Economic Update to a thorough and urgent analysis of fascism, particularly as it relates to the current global resurgence of “strong man” politics and its deep roots in economic crisis. The episode frames fascism as an economic response to the failures and crashes of capitalism, distinguishes it sharply from socialism, and unpacks the mechanisms, historical precedents, and current warning signs for listeners.

Key Discussion Points and Insights

1. Fascism’s Return in the Modern Era

• Fascism is re-emerging globally.
  • Modern parallels: Viktor Orban (Hungary), Donald Trump (USA), Jair Bolsonaro (Brazil), and rising far-right parties in France, Germany, Spain, and Italy.

    “They're popping up all over the place… You get the picture.” [01:58]

• Strongman phenomenon:
  • In times of capitalist crisis, charismatic leaders present themselves as solutions amid failing political and economic systems.

    “Here I am, the strong man who will lead us out of all of this trouble.” [01:33]

2. Economic Crises as Incubators for Fascism

• Repeated severe economic downturns fuel mass anxiety.
  • Large-scale job losses and prolonged instability create two main responses:
    1. Save capitalism through strong leadership—fascism.
    2. Move beyond capitalism—socialism or communism.
  • Both are often lazily grouped as “populism,” but this is “a political act, an ideological act, because they are fundamentally different.” [04:03]

3. Defining Fascism: Economics at Its Core

• Fascism as government intervention to save capitalism:
  • The state merges with private enterprise, not to replace capitalism, but to prop it up.

    “Fascism is basically the name for an economic system… when the government is called in… to support, to sustain private capitalist enterprises.” [05:01]

• Mechanisms of support:
  • Suppression of trade unions.
  • State-created or controlled unions to limit worker power.
  • Trade manipulation (tariffs, import restrictions).
  • Deregulation benefiting capitalists.
  • Heavy military spending to stimulate industry and employment.

4. Contrasting Socialism/Communism and Fascism

• Socialists respond to capitalism’s failures by demanding a new economic system.
  • Focus on mass needs, not capitalist profits.
  • Advocate for government intervention, but with the goal of systemic transformation.
  • “Socialism means go beyond it [capitalism]…” [13:24]
• Fascism and socialism are historic enemies:
  • Fascists offer capitalists the “service” of crushing socialist and communist opposition, often violently.
  • Historical examples: Antonio Gramsci imprisoned by Mussolini; Hitler’s systematic murder of socialists, communists, Jews, and others.

    “Fascists kill socialists almost everywhere where you see fascism, and that's a service they provide to, to capitalists too…” [14:23]

5. Nationalism as the Mask for Fascism

• Nationalism is used to disguise serving capitalist interests.
  • Rhetoric frames interventions as a defense of the nation, not private capital.

    “There has to be another way that you can justify… and the answer is really nationalism. It's always been the go-to thing to say.” [21:56]

  • Hitler’s purging of perceived enemies framed as saving Germany; Mussolini and Bolsonaro employ similar tactics.
• Example: United States under Trump (as of 2019)
  • Shift away from “free trade” toward protectionist, nationalist policies.
  • Government steps in for big business (e.g., massive tax cuts, trade wars).
  • “Do we have fascism in America? Not yet. No, we don't have it yet. But boy, have we got movement in that direction.” [25:40]

6. Rebutting “Equivalence” of Fascism and Socialism

• Frequent but false equivalence:
  • Some conflate any government intervention as inherently fascist or socialist.
  • Wolff clarifies:

    “Yes, they both want the government to step in, but that's where it ends. They want the government to step in for radically different reasons, on a different project, going to a different future.” [30:02]

• Fundamental divide:
  • Fascism: Government for capitalist profit and stability.
  • Socialism: Government for social benefit and transformation.

7. Warning & Historical Reflection

• Fascism is not yet in the US, but conditions are ripe.
  • Past attempts in America during the 1930s (Father Coughlin, Huey Long)—rejected by the public.
  • Vigilance and understanding are essential to preventing its rise.

    “We don't have fascism in the United States, not yet. And maybe it won't come if enough Americans understand what's at stake and what's going on…” [36:42]

• Key lesson:
  • Fascism is fundamentally about the richest protecting their position after capitalism’s crash, aided by nationalism and directed violence against critics and minorities.

    “Fascism is the effort by the richest people in the society… to save the system that made them rich after it has gone through a crash like 1929, like 2008.” [33:30]

Notable Quotes

• “The fascist response to society's problems has very often featured what is called a strong man.” [01:06]
• “Fascism is basically the name for an economic system… when the government is called in… to reinforce, to support, to sustain private capitalist enterprises.” [05:01]
• “It's all about saving capitalism.” [09:50]
• “The fascists want the government to come in and reinforce, stabilize private capitalist profits. And the socialists want the government in to help transform society so it isn't capitalist anymore.” [30:38]
• “We don't have fascism in the United States, not yet. And maybe it won't come if enough Americans understand what's at stake and what's going on so that they can prevent it.” [36:42]

Memorable Moments and Timestamps

• Strongman thesis: Emergence of leaders like Orban, Trump, Bolsonaro as “saviors” in times of crisis. [01:06–03:30]
• Key historical vignettes: Mussolini’s imprisonment of Gramsci; Hitler’s systematic elimination of socialists, communists, and others. [14:17–15:15]
• Nationalism as cover: Detailed articulation of how governments justify fascist transitions in public discourse. [21:56–25:50]
• US developments under Trump: Targeting free trade, immigrants, and providing major corporate tax cuts. [25:40–29:25]
• Warning and hope: Recalling 1930s American resistance to fascist trends—call for vigilance and political understanding. [36:42–38:00]

Summary Table of Key Segments

| Timestamp | Segment | Key Points | |------------|----------------------------------------------|----------------------------------------------------------------------------------------------------| | 00:10–04:30| Introduction & Framing | Fascism's historic return; the “strong man” motif. | | 04:30–10:30| Defining Fascism | Economic definition; government’s merger with business; mechanisms like union suppression. | | 10:30–17:00| Socialism vs. Fascism | Two responses to capitalism's crisis; historic enmity; fascism’s role in suppressing the left. | | 21:56–25:50| Nationalism as Cover | How nationalism justifies fascist economic interventions. | | 25:40–30:40| Case Study: US under Trump | Analysis of US policy shifts; fascist tendencies in rhetoric and practice. | | 30:02–32:00| Refuting Fascism–Socialism Conflation | Clarifying fundamental differences in goals and mechanisms. | | 36:42–38:00| Historical Reflection & Warning | US resistance to fascism in 1930s; current need for awareness and action. |

Final Takeaway

Richard D. Wolff delivers a passionate, historically rooted, and accessible guide to understanding fascism’s economic underpinnings and distinguishing it from socialism. He urges listeners to stay vigilant, recognize historical patterns, and resist simplistic “both-sides” arguments—emphasizing that only deep understanding and civic action can prevent a slide toward fascism in times of capitalist crisis.