Fascism takes a variety of forms. The German, Italian, and Spanish versions were quite different. Some forms of fascism were more reliant on racism and anti-semitism than others.
The characteristics of classic fascism include:
So far, Bushism has all of the above characteristics of classic fascism.
There are some differences. Classic fascism borrowed heavily from the rhetoric of its enemy working-class socialism, and used anti-capitalist themes (even while opposing class struggle as dividing the national community, and pandering to big business).
Classic fascism also supported state intervention in the economy and often resorted to Keynesian-style welfare state measures to retain popular support.
Bushism, on the other hand, is pro-market, pro-capitalist, pro-redistribution to the wealthiest, and favors privatizing the state and gradually reducing most welfare state measures to a bare minimum.
In Bushism, something else takes the place of the "social" component of classic fascism.
What takes its place is Christian theocracy. The appeal to the middle and lower classes is primarily through heavy use of evangelical religious right rhetoric. The right-wing churches, together with the right-wing radio talk show hosts, are the mechanism for mobilizing mass support for Bushism. Fundamentalist Christianity is what binds the mass base of Bushism to its big-business backers.
The last element of classic fascism would be the use of mass violence on a large scale to intimidate and destroy opposition, and consolidate a de-facto one-party state. To date, Bush supporters have only engaged in isolated and scattered acts of violence. The relationship of forces is still such that the Bushies are unable to go on to the offensive with these kind of tactics. However, the Bush base clearly expresses the physical elimination of all liberals and progressives (along with secular humanists, gay people, Muslims, and other minorities) as a desired goal. Web sites such as Free Republic are full of this kind of rhetoric.
In conclusion, it is possible that Bushism is evolving toward a new form of fascism, one geared to 21st century American conditions.
More on the new fascism:
David Neiwert's Blog - Orcinus - has been extensively documenting the parallels between Bushism and fascism.
http://dneiwert.blogspot.com/2004_10_10_dneiwert_archive.html#109694976530359103
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