Unlike historical fascism which co-opted business, today's authoritarianism is arguably a product of finance capitalism. The concentration of wealth creates oligarchs who merge with the state, trading democratic norms for deregulation and profit in a speculative, symbol-driven economy.

Authoritarian leaders like Hugo Chavez systematically dismantle democracy from within after winning elections. They replace competent individuals in the military and government with those who are absolutely loyal, destroying meritocracy to ensure the state apparatus serves the regime, not the people.

The U.S. political landscape is increasingly adopting authoritarian rhetoric and tendencies. However, this shift comes without any of the supposed upsides of authoritarianism, such as hyper-efficient infrastructure or public order. The result is a dysfunctional "authoritarianism without the good stuff."

The Trump administration's influence over who leads the massive Fannie Mae/Freddie Mac IPO is a classic autocratic move. While punishing enemies is well-understood, just as crucial is over-rewarding allies, which consolidates power and creates an ecosystem of cronyism.

Authoritarianism is best understood not by type, but by five dimensions that are both strengths and weaknesses: the repressive apparatus, cash flow, control over life chances, legitimacy narratives, and the international order. This framework allows for targeted policy action against a regime's specific vulnerabilities.

Business leaders may see short-term benefits in aligning with an aspiring autocrat. However, this alliance is temporary. In Hungary, 15 years after Viktor Orbán took power, only 23% of the country's 50 wealthiest people remained on the list, as the regime moved to consolidate power by bankrupting or eliminating rivals.

Command economies inevitably rely on force. In a free society, disagreement is resolved through persuasion. In an authoritarian system where directives are absolute, dissent is ultimately met with force. Adopting a top-down economic model means accepting state-sanctioned violence as a necessary tool.

Authoritarian power hinges on 'control over life chances'—dictating access to jobs, housing, and education. A robust private sector creates alternative paths for citizens, diminishing the state's leverage. Fostering private enterprise is therefore a subtle but effective tool for eroding an autocrat's grip on society.

Don't expect corporate America to be a bulwark for democracy. The vast and growing wealth gap creates an overwhelming incentive for CEOs to align with authoritarians who offer a direct path to personal enrichment through cronyism, overriding any commitment to democratic principles.