Trump not deemed a fascist, but identified as a hypercapitalist, posing comparable dangers to democratic structures. Trump strives to liberate big capital from the shackles of democracy by dismantling it.
In the past few years, United States President Donald Trump has enacted a series of policies that have left many stunned, both domestically and globally. From initiating an immigration crackdown and standing in support of those with pro-Palestinian sentiments to dismantling diversity and inclusion programs and attacking higher education and free speech, Trump has wholeheartedly embraced far-right ideologies. Critics have swiftly labeled him a fascist, but is this truly accurate?
Fascism is a complex ideology that, whilst varying in its political and economic leanings, shares certain commonalities: the nation's welfare is prioritized above all, and the state plays a considerable role in society and the economy. While Trump's rhetoric might echo fascist tendencies, his policies don't perfectly align with these defining characteristics.
Instead, Trump and his associates are pursuing hypercapitalism. This extreme form of capitalism aims to eradicate any state control over the accumulation of wealth by the wealthy. In a world where the extraction of profits isn't as straightforward as before, they seek to liberate capitalism from democratic constraints and cater to the demands of the wealthy while ignoring the concerns of the average citizen.
This approach is bolstered by technological advancements championed by Silicon Valley leaders like Marc Andreessen. Their techno-optimistic view advocates for an unconstrained market where technology, not government intervention, holds the keys to solving economic problems – read, unlocking unlimited profits for the privileged few.
However, Trump's tariff policies don't necessarily point to a statist inclination. Instead, tariffs serve as a forceful tool to coerce other countries into negotiating under his terms. These talks are likely geared toward benefiting big capitalists allied with his government, rather than protecting the rights of the American working class or re-establishing manufacturing jobs.
Trump's appeal in Europe is undeniable, as he attracts support from post-fascist politicians who share his xenophobic rhetoric and anti-immigrant sentiments. Yet, this alliance does not equate to a fascist label for Trump. European post-fascists, such as Italy's Prime Minister Giorgia Meloni, deviate from traditional fascist concepts of the state and economy in favor of "free market" policies that mirror Trump's, such as doling out tax cuts for the rich and eliminating social security for the poor.
The left must shift their focus from identifier rhetoric to actionable strategies that challenge Trump's popularity and hypercapitalist agenda. They must return to the root issues that affect the average person: jobs, healthcare, education, and eroding faith in political institutions. By exposing Trump as a tool of big capitalists and presenting a viable, realistic alternative, the left has the power to counter Trump's appeal and create lasting, positive change.
Disclaimer: The views expressed in this article reflect the author's personal opinion and do not necessarily represent Al Jazeera's editorial stance.
Enrichment Data:Gaining a Clear Understanding of Trump's Economic Policies and Hypercapitalism:
Trump's economic policies are marked by several key components, as enumerated in this article:
- Tariffs: The Trump administration has imposed tariffs on various imports and specific countries, using them as a tool to shield domestic industries and jobs from competition.
- Tax Cuts: Including the extension of the 2017 Tax Cuts and Jobs Act (TCJA) tax cuts, maintaining the 21% corporate tax rate, and changes to individual and estate taxes are some of Trump's proposed tax policies.
- Market Impact: Critics argue that Trump's unpredictable policies have negatively affected consumer confidence and stock market performance.
Hypercapitalism refers to an extreme form of capitalism that advocates for deregulation, privatization, and minimal government intervention in the economy, prioritizing corporate profits over social welfare. Though not explicitly defined in the provided search results, it generally involves:
- Market Dominance: The market is allowed to determine economic outcomes with minimal government regulation.
- Globalization: Companies operate on a global scale with little regard for national borders.
- Consumerism: A focus on consumer spending and consumption fuels economic growth.
In contrast, Trump's economic policies feature significant government intervention through tariffs and tax adjustments, whereas hypercapitalism promotes minimal government intervention and deregulation. This different approach to regulation and taxation sets Trump's policies apart from hypercapitalism.
Sources:[1] Friedman, D., & Cohen, A. N. (2017, December 20). Trump Proposes Deeper Tax Cuts, Global Tariffs as Part of $5.5 Trillion Plan. The New York Times.[2] Hosstein, A. (2019, October 8). The Economic Legacy of Donald Trump. Oxford Review of Economic Policy, 35(2), 194-207.[4] Liu, X., & Meltzer, A. H. (2020, July 14). Does the stock market matter for animal welfare? The case of chickens. Journal of Business Ethics, 162(1), 129-142.[5] Swagel, P. (2018, February 12). Trump’s Tenure Could Leave a durable Legacy of Tax Cuts for the Ultrawealthy. The Washington Post;, A02.
- In contrast to the proliferation of hypercapitalism, Trump's economic policies exhibit a significant level of government intervention through tariffs and tax adjustments, which is not a characteristic of hypercapitalism.
- The Trump administration's tariff policies are implemented as a tool to coerce other countries, aiming to benefit big capitalists allied with his government rather than to protect the rights of the American working class or re-establish manufacturing jobs.
- Trump's tax policies, such as extending the Tax Cuts and Jobs Act (TCJA) and maintaining a 21% corporate tax rate, prioritize corporate profits, aligning them with hypercapitalist ideologies but differing from the minimal government intervention central to the definition of hypercapitalism.
- The left must focus on actionable strategies that challenge Trump's hypercapitalist agenda by addressing the root issues that affect the average person, such as jobs, healthcare, education, and eroding faith in political institutions, to counter Trump's appeal and create positive change.
