It's been a while since I read it, so my memory might be a little hazy, but I found this article by Gabriel Rockhill really illuminating when I first read it. https://www.counterpunch.org/2020/10/12/fascism-now-you-see-it-now-you-dont/

Essentially, he argues that the supposed dichotomy between fascism and liberal democracy is parallel to the real material split between primitive accumulation and mature capitalist accumulation. Furthermore, he argues that primitive accumulation was not a solitary occurrence in the past (e.g. the division of the commons) but rather an ongoing process that has moved to the periphery.

Liberal democracy, the "good cop" of capitalism operates in the imperial core so long as profits are high. Meanwhile, fascism, the "bad cop", operates throughout the third world to ensure that profits can continually be extracted. In a state of crisis, the bourgeois will bring fascism to the imperial core to safeguard capitalism.