Liberalism and fascism are two sides of the same coin.

Capitalism requires endless growth, endless expansion: the economic engine that drives it is profit. It must constantly take more. But the world is not infinite. Once capital has nowhere else to expand, the only way it can increase profits is by intensifying exploitation within its territories: unions are busted, wages are depressed, costs of living rise. The working class must give more and get less. To facilitate this, capital funnels money into police, passes ever more draconian laws, restricts franchise, defunds public services, and redirects working class anger against suitable scapegoats - minorities who do not have the population, money, or political power to fight back. The result is widespread political persecution, pogroms, impoverishment, decay of infrastructure except the tools of oppression: features characteristic of imperial periphery countries arising in the imperial core.

Aime Cesaire describes this process aptly in his brilliant work Discourse on Colonialism:

And then one fine day the bourgeoisie is awakened by a terrific reverse shock: the gestapos are busy, the prisons fill up, the torturers around the racks invent, refine, discuss.

People are surprised, they become indignant. They say: “How strange! But never mind — it’s Nazism, it will pass!” And they wait, and they hope; and they hide the truth from themselves, that it is barbarism, but the supreme barbarism, the crowning barbarism that sums up all the daily barbarisms; that it is Nazism, yes, but that before they were its victims, they were its accomplices; that they tolerated that Nazism before it was inflicted on them, that they absolved it, shut their eyes to it, legitimized it, because, until then, it had been applied only to non-European peoples; that they have cultivated that Nazism, that they are responsible for it, and that before engulfing the whole of Western, Christian civilization in its reddened waters, it oozes, seeps, and trickles from every crack.

Yes, it would be worthwhile to study clinically, in detail, the steps taken by Hitler and Hitlerism and to reveal to the very distinguished, very humanistic, very Christian bourgeois of the twentieth century that without his being aware of it, he has a Hitler inside him, that Hitler inhabits him, that Hitler is his demon, that if he rails against him, he is being inconsistent and that, at bottom, what he cannot forgive Hitler for is not crime in itself, the crime against man, it is not the humiliation of man as such, it is the crime against the white man, the humiliation of the white man, and the fact that he applied to Europe colonialist procedures which until then had been reserved exclusively for the Arabs of Algeria, the [slur]s of India, and the [n-word]s of Africa.

Michael Novick likewise explains this in Fascism And What Is Coming:

In general, fascism can best be understood as bringing the methods of imperial rule in the colonies into the metropole. In the colonies, genocide has been the rule, not the exception, of imperial rule. Democracy is only for a select few of settlers; dictatorship and slave labor applies to the indigenous and other colonized people. The corporate model developed in colonial enterprise. The first corporations were the colonizing corporations—British East India Company, Hudson's Bay Company, etc.— who could bear the costs and risks of colonization because of shared and limited liability, and exercised state power directly over the colonized territories and populations. The mass base of participation in colonial rule came via the settler population, who participated actively and often independently in land grabs and extermination without waiting for bourgeois legitimacy.

All this was translated to the metropole by Hitler, however he may have defined or proclaimed his system. Except that the mechanisms— dictatorship, slave labor, corporatization of the state and society, mass participation in militarism, looting and oppression independently of the bourgeoisie—were seen operating directly within the German population at large, including against its racially and ethnically defined minorities, and its European neighbors.