The rich archive of twentieth-century debates on fascism can steer a path through an increasingly authoritarian present. Developing anti-fascist theory is an urgent and vital task. From the ‘Great Replacement’ to campaigns against critical race theory and ‘gender ideology’, today’s global far right is launching lethal panics about the threats to traditional political, sexual and racial hierarchies. Drawing especially on Black radical and anti-colonial theories of fascism, Toscano makes clear the limits of associating fascism primarily with the kind of political violence experienced by past European regimes. Rather than looking for analogies from history, we should see fascism as a mutable process, one anchored in racial and colonial capitalism, which both predates and survives its crystallization in Mussolini’s Italy and Hitler’s Germany. It is a threat that continues to evolve in the present day.