Monarchy and fascism share some characteristics but the things that make fascism what it is don’t originate from Monarchism or a revanchism for monarchy in any sense. When fascism qua fascism arose in Europe it was a separate formation from monarchists, for example, who still existed in substantial numbers in those countries back then. Instead, fascism arose from declining material conditions in countries that were losing imperialist status, such as losing colonies or having large foreign debts after World War I, and this situation - and “solution” - were both highly capitalistic. Fascism recruits from the petty bourgeoisie for its foot soldiers at the behest of factions of the haute bourgeoisie.

Capitalism is proto-fascism. Fascism, to the extent that it exists beyond World War II, has often been reinvented for crises of capitalism, whether domestic or imposed through imperialism. And who did the fascists take so much inspuration? For the Nazis, it was the United States, a bourgeoisie democracy (capitalist) premised on genocide and slavery.