The Economy Under Biden’s Leadership: A Compact Analysis

In 1987, during the final years of the Cold War, Alfred Sohn-Rethel, a Marxist philosopher and economist, raised a pressing question in Germany’s Tageszeitung newspaper: “Is the fascist economy a threat?” His response was mixed, as he saw signs of a fascist economy in the military buildup of the 1980s, aimed at propping up capitalism through massive rearmament. However, he also noted that the economic changes happening at the time gave him some hope that a repeat of the 1930s was unlikely. Fast forward to today, under President Biden, the emergence of a militarist political economy has given new relevance and urgency to Sohn-Rethel’s analysis.

Sohn-Rethel emphasized that fascism is not just about individual actors; it is a structural phenomenon that arises in specific political-economic contexts. He urged people to consider fascism within the backdrop of historical movements that sought to maintain the status quo of developed capitalism during times of social upheaval. The initial stages of fascism involve harsh measures to address unemployment, control labor, and revive markets and profits through armament production, ultimately risking the outbreak of total war.

Today, the term “fascist” is often used to describe right-wing authoritarian movements or as a general insult. However, Sohn-Rethel’s perspective challenges us to view fascism as a systemic issue, rooted in the economic and political structures that enable its rise. In the current climate, where militarism and authoritarianism are on the rise, his insights about the nature of fascist economies resonate more strongly than ever.