From “Excess capital and the rise of inverted fascism: an historical approach,” by New Zealand economist John Robuinson, in Real-World Economic Review [PDF]:
Under the dominant free enterprise ideology, the collective has been downgraded and stripped, with the reduction of the stabilising influence of public ownership. There is no longer am insistence on adequate pay and conditions, and many regulations set in place to deal with the previous great recession have gone. There have been extraordinary payments to managers of financiakl institutions, coupled with significant reductions in higher tax rates. The crises following 2008 have been dealt with by support to the major financial institutions, which have contributed significantly to the collapse, while the general population suffers. This is nothing more than a modern phase of class struggle. In an evolution warned against by President Eisnhower in 1961, the military-industrial complex has become the military-industrial-financial complex.
This is not a free market. It is a control economy, controlled by a wealthy class for their own benefit. The oligarchy, widely referred to as the “one Percent”, is a unified class. Firmly in control of the state, with political dominance, high rewards for loyalty, a ubiquitous advertising propaganda system, mass surveillance, and more.
Such central control reverse the standard fascist pattern. Mussolini described his fascism as a single party state that incorporated corporatism into its rule. He said that fascism should more appropriately be called Corporatism because it is a merger of state and corporate power. Viewing the nation as an integrated collective community, fascists see pluralism and diversity as a dysfunctional aspect of society, and justify a totalitarian state as a means to represent th nation in its entirety. In systems behaviour terms this is a direct attack on diversity and separation, the balance of power, that provides equality and stability to modern nations.
Mussolini would have the state control the corporates, destroying any balance of power. Now it is the corporates that control the state. The current situation in many Western nations is inverted fascism with the corporations incorporating the power of the state as the inverse of the past fascist model. This has been developed by the ranks of lobbyists with their large staffs and monetary largess that is used to indoctrinate and finance politicians (senator and congressmen in the USA) inculcating them with policies that suit the corporates. This is corporate fascism.
The oligarchic class is in control of agencies like the IMF, advising or forcing nations to open up to multinationals. The once powerful Third World non-aligned movement has been crushed with developing nations forced to move away from self-reliance, to open their economics to international finance and foreign ownership. Insistence that nations borrow money led many into massive debt and the poverty trap. The great control organizations, both national and international, served the wealthy, with beliefs and policies that increase inequalities and make the world safe for capitalism.