In the early 20th century, certain critics characterized fascism as an extreme form of capitalism. They suggested that under fascism, capitalist systems operated without the constraints of democratic rights and institutions. This viewpoint highlighted the unrestrained nature of fascism, where profit motives overshadowed individual freedoms and social justice.

Noam Chomsky, in his book "Profit Over People: Neoliberalism and Global Order," explores how neoliberal policies often prioritize corporate interests over the welfare of the populace. This reflection on fascism as capitalism with "gloves off" resonates in contemporary discussions about economic systems that sacrifice democracy for profitability.