This is a reconceived version of 'Fascism and Anti-Fascism'. In this text, Dauvé shows how the wave of proletarian revolts in the first half of the twentieth century failed: either because they were crushed by the vicissitudes of war and ideology, or because their “victories” took the form of counter-revolutions themselves, setting up social systems which, in their reliance on monetary exchange and wage-labour, failed to transcend capitalism.