I've been reluctant to wade into the Trump-fascism debate, in part because I'm not sure I have a huge amount to contribute.
It always seemed obvious to me that the social bases of Trump overlapped significantly with the social bases of fascism, and so his rhetoric and the political orientation of many of his followers are broadly fascistic.
What's missing, imo, are the external political and economic conditions that would produce the dynamics that generate a full-blown fascist authoritarian movement (although many have worked hard to create those conditions).
The focus on Trump's explicit goals and success/lack of success can also make fascism seem too much like an elite phenomenon (although fascism's historical success is surely based on elite collusion).
There are three arguments I've seen against the fascism analogy. The first is that Trump just isn't a fascist, more of a shambolic authoritarian. But that seems to miss the above point about social bases, drawing too hard a line around fascism.
The second is that accusing Trump of being a fascism gives succor to the imperialist liberal elite, who will use it to restore their grip on power (and also argue against democracy). ie https://www.thenation.com/article/society/trump-fascism/
Of course, it could just as well lead to a deeper reckoning with the deep roots of Trumpism in American history, as well as the manner in which fascist movements often looked to American racial hierarchy as a model.
More basically, while it is foolish to ignore the political functions of different discourses, it is also dangerously anti-political to let argument and political speech be governed by those potential functions.
The third argument I take most seriously, which is that the fascism accusation neglects how power is exercised in the American regime - Trump's lasting legacy will be the entrenchment of conservative power in the courts, not a fascist takeover.
It's true that in the German case, fascism meant building a new state structure and so a different institutional infrastructure of power.
But I think we can both identify the fascistic elements of Trump and many of his supporters while acknowledging how that will be shaped by the particular political and institutional realities of the American state.
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