Fascism is the stage reached after communism has proved an illusion. And it has been proven as much of an illusion in Stalinist Russia as it proven an illusion in pre-Hitler Germany. Communism in anything but name was abandoned in Russia when the Five-Year Plan was substituted for the New Economic Policy (NEP) after Lenin’s death.

[T]he enemy of totalitarian Nazism is not in the East. It is not Russian communism. The complete collapse of the belief in the attainability of freedom and equality through Marxist socialism has forced Russia to travel the same road toward a totalitarian, purely negative, noneconomic society of unfreedom and inequality which Germany has been following… During the last few years Russia has therefore been forced to adopt one purely totalitarian and fascist principle after the other; not, it must be emphasized, because of a "Stalinist conspiracy," but because there was no other possibility.

Actually, the specter of the Russo-German alliance is already the nightmare of every European government, however much they protest their belief in the inevitability of a Russo-German war. And what is only a nightmare today may be reality tomorrow. The two regimes will have to come together because they are similar ideologically and socially. That the European Left has not dared to admit this is understandable. By conceding that Soviet Russia is as fascist a state as Germany, they would have conceded that socialism must fail and would have abandoned themselves.

Those German businessmen and industrialists, who, lured by the denunciation of fascism as antisocialist, concluded that it must be procapitalist, have since learned the better. But whereas originally the Right in France and England favored resistance to fascism, the slogan of the inevitable Russo-German war has made a large section favor the fascist advance, so that ‘both monsters devour each other.’

The regimentation of agriculture was in both fascist countries the first, and for a considerable time the most drastic, intervention in the free play of economic forces. In either country, and especially in Germany, the threat of the industrial revolution in agriculture had reached a point at which government intervention in the social structure of farming was entirely unavoidable.

In addition, profits are so completely subordinated in Germany and Italy to requirements of a militarily conceived national interest and of full employment that the maintenance of the profit principle is purely theoretical. Profits have lost their autonomy as an independent, not to say the supreme, goal of economic activity.

[The masses] … must turn their hopes toward a miracle. In the depths of their despair reason cannot be believed, truth must be false, and lies must be truth. "Higher bread prices," "lower bread prices," "unchanged bread prices" have all failed. The only hope lies in a kind of bread price which is none of these, which nobody has ever seen before, and which belies the evidence of one's reason.

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There is an unbroken chain of opposition to the introduction of economic freedom and to the capitalist autonomy of the economic sphere... In every case the opposition could only be overcome - peacefully or by force - because of the promise of capitalism to establish equality... That this promise was an illusion we all know.

Capitalism as a social order and as a creed is the expression of the belief in economic progress as leading toward the freedom and equality of the individual in a free and open society. Marxism expects this society to result from the abolition of private profit. Capitalism expects the free and equal society to result from the enthronement of private profit as supreme ruler of social behavior...

Fascism is the result of the collapse of Europe's spiritual and social order... catastrophes broke through the everyday routine which makes men accept existing forms, institutions and tenets as unalterable natural laws. They suddenly exposed the vacuum behind the facade of society.

Equally striking is the fact that racial anti-Semitism was not taken seriously even by the great majority of Nazis. ‘It is just a catchword to attract voters’ was a standing phrase which everybody repeated and believed, and that I took it seriously was more than once regarded as definite proof of my stupidity and gullibility.

[J]ustification of power must be the central problem. For it is through this problem alone that freedom and equality—or... justice—can be projected into the social and political reality... But to fascism the problem does not even exist except as a ridiculous relic of "Jewish liberalism."