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Neo is a Greek prefix meaning new. Fascism of the classic variety is associated with Germany, Italy and Japan. It ends at the conclusion of World War II. But in the recent years there has been the development of a different variety which is neofascism. From Modi’s India to Erdogan’s Turkey neofascist autocratic regimes have taken hold. There is a direct connection from the failed economic policies of what is called neoliberalism to neofascism. Neoliberalism was given a huge boost in the 1980s by Reagan and Thatcher. Its characteristics are deregulation, cutting government spending, shredding the social safety net, privatization and tax cuts for the rich. The result: widespread immiseration and discontent. In its wake demagogues, exploiting the situation, have come to power by scapegoating, instigating violence against minorities, coupled with loud calls for "getting our country back." And lots of flag waving.
Prabhat Patnaik is an internationally renowned economist. He is professor emeritus at the Centre for Economic Studies and Planning at Jawaharlal Nehru University in New Delhi. He is the author of Monopoly Capital and co-author with his wife, Utsa Patnaik of Capital and Imperialism: Theory, History, and the Present.
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