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The difference between [socialism and fascism] is superficial and purely formal, but it is significant psychologically: it brings the authoritarian nature of a planned economy crudely into the open.

The main characteristic of socialism (and of communism) is public ownership of the means of production, and, therefore, the abolition of private property. The right to property is the right of use and disposal. Under fascism, men retain the semblance or pretense of private property, but the government holds total power over its use and disposal.

The dictionary definition of fascism is: “a governmental system with strong centralized power, permitting no opposition or criticism, controlling all affairs of the nation (industrial, commercial, etc.), emphasizing an aggressive nationalism . . .” [The American College Dictionary,
New York: Random House, 1957.]

Under fascism, citizens retain the responsibilities of owning property, without freedom to act and without any of the advantages of ownership. Under socialism, government officials acquire all the advantages of ownership, without any of the responsibilities, since they do not hold title to the property, but merely the right to use it—at least until the next purge. In either case, the government officials hold the economic, political and legal power of life or death over the citizens.

Needless to say, under either system, the inequalities of income and standard of living are greater than anything possible under a free economy—and a man’s position is determined, not by his productive ability and achievement, but by political pull and force.

Under both systems, sacrifice is invoked as a magic, omnipotent solution in any crisis—and “the public good” is the altar on which victims are immolated. But there are stylistic differences of emphasis. The socialist-communist axis keeps promising to achieve abundance, material comfort and security for its victims, in some indeterminate future. The fascist-Nazi axis scorns material comfort and security, and keeps extolling some undefined sort of spiritual duty, service and conquest. The socialist-communist axis offers its victims an alleged social ideal. The fascist-Nazi axis offers nothing but loose talk about some unspecified form of racial or national “greatness.” The socialist-communist axis proclaims some grandiose economic plan, which keeps receding year by year. The fascist-Nazi axis merely extols leadership—leadership without purpose, program or direction—and power for power’s sake.

Copyright © 1986 by Harry Binswanger. Introduction copyright © 1986 by Leonard Peikoff. All rights reserved. For information address New American Library.

Acknowledgments

Excerpts from The Ominous Parallels, by Leonard Peikoff. Copyright © 1982 by Leonard Peikoff. Reprinted with permission of Stein and Day Publishers. Excerpts from The Romantic Manifesto, by Ayn Rand. Copyright © 1971, by The Objectivist. Reprinted with permission of Harper & Row, Publishers, Inc. Excerpts from Atlas Shrugged, copyright © 1957 by Ayn Rand, The Fountainhead, copyright © 1943 by Ayn Rand, and For the New Intellectual, copyright © 1961 by Ayn Rand. Reprinted by permission of the Estate of Ayn Rand. Excerpts from Philosophy: Who Needs It, by Ayn Rand. Copyright © 1982 by Leonard Peikoff, Executor, Estate of Ayn Rand. Reprinted by permission of the Estate of Ayn Rand. Excerpts from “The Philosophy of Objectivism” lecture series. Copyright © 1976 by Leonard Peikoff. Reprinted by permission. Excerpts from Alvin Toffler’s interview with Ayn Rand, which first appeared in Playboy magazine. Copyright © 1964. Reprinted by permission of Alvin Toffler. All rights reserved including the right of reproduction in whole or in part in any form. Used by arrangement with Plume, a member of Penguin Group (USA), Inc.