true economic definition of fascism
Fascism affirms the State as the true reality of the individual.. This collectivism is captured in the word fascism, which comes from the Latin fasces, meaning a bundle of rods with an axe in it. In economics, fascism was seen as a third way between laissez-faire capitalism and communism. Fascist thought acknowledged the roles of private property and the profit motive as legitimate incentives for productivityâprovided that they did not conflict with the interests of the state.