Liberals and even most of those who consider themselves Marxists are guilty of using the world fascist very loosely today. They fling it around as an epithet or political swearword against right-wing figures whom they particularly despise, or against reactionaries in general. But there is a Marxist analysis of fascism. It was made by Leon Trotsky not as a postmortem, but during the rise of fascism. This was one of Trotsky's great contributions to Marxism.

Edited for publication in The Unbroken Thread, full version available on the Ted Grant archive.