The recent Glenn Beck broadcast, which showed the similarities between the Roman symbol of fascism (a bundle of rods with an ax attached, symbolizing collectivism and power) and the design on the reverse of the Mercury Dime (introduced in 1916, with basically the same symbol described above), left many people wondering what the economic differences between the two ideologies really are.

Here’s a brief rundown:

Economic Control

Socialism - Seeks totalitarian control of the economy through direct state operation of production

Fascism - Seeks indirect control of the economy through domination of nominally private owners

Property

Socialism - Property is nationalized explicitly

Fascism - Property use required to be in the national interest

Free Markets

Socialism - Free markets are abolished

Fascism - Free market appears to remain in place, though the government completely controls that market

In summary, the basic economic differences between socialism and fascism are not the end result, but all in appearances.  Both completely control the economy, property, and the markets, but socialism admits to doing so while fascism tries to convince us that capitalism is still at work, even though it is not.

The prominent symbol of fascism on the Mercury dime leaves some to conclude that the US government has been creeping ever closer to fascism since the days of Woodrow Wilson.  Regardless of whether you believe that, it’s clear that the recent government involvement with AIG and GM certainly fall more into the realm of fascism than socialism, which is certainly cause for concern.