We have argued that overcoming the current crisis, whether within the confines of a single economy or globally, requires overcoming the hegemony of international finance capital. No nation-state, not even one where the fascists are in power, can overcome the crisis unless it is willing to overcome this hegemony. And a hallmark of contemporary fascism is that, far from trying to overcome this hegemony, it is on the contrary keen to enlist the support of international finace capital for its accession to, and stay in, power.
This fact has an important implication. Earlier fascism had proceeded from rearmament to war, and had burned itself out through war, though at great cost to mankind. Contemporary fascism, just as it cannot overcome the crisis through rearmament ... also would not burn itself out through war. It is therefore likely to be around for a long time, which means that it will succeed in bringing about a more gradual, more "peaceful" and less coercive fascification of the society and the polity, with even the political formations of the liberal bourgeois establishment emulating the fascist ones in expressing themselves against persecuted minority groups. With fascist and liberal political formations competing against one another electorally, and with the crisis showing no signs of abating, which keeps alive popular discontent, liberal political formations would find themselves being forced increasingly to echo the same [racist] rhetoric that the fascists would be spewing out.
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This enjoins a historic task upon the left. It alone is in a position to prevent this damage to the social fabric by pursuing policies that can take these countries out of their current crisis, policies that would contest the hegemony of international finance capital, and in the process bring about a transcendence of capitalism. Since overcoming the hegemony of international finance capital will unleash a process of transcendence of capitalism, none of the other political formations is equal to the task. We are once again, in other words, facing a choice between socialism and barbarism, but in a different way from what Rosa Luxemburg had visualized in her specific context.
Utsa + Prabhat Patnaik, Capital and Imperialism: Theory, History, and the Present