Most people evaluate the performance of the Trump presidency based on his personality. When attempting to categorize it politically, the term “fascism” is often mentioned, as exemplified by the memorable comments from Retired General Mark A. Milley. While Trump’s ruthlessness and disregard for the separation of powers seem to support this characterization, there are significant differences, such as the absence of a fascist party organization or state-corporatist policies. I propose a new categorization within the political vocabulary: “capitalist fundamentalism.” By using this term, I explicitly connect the ideology of the presidency to a religious context.
This relationship is significant in many ways, as observers already noted during Trump’s first presidency. He cultivates close ties with conservative evangelical communities and endorses forms of evangelism that advocate for prosperity and the pursuit of wealth. A notable example is the controversial appointment of Paula White-Cain as the chair of the White House Faith Office. Trump positions himself as the protector of Christians and promotes what he believes to be the right faith, as evidenced by his crusade against Diversity, Equity, and Inclusion (DEI) initiatives. Many evangelicals express the belief that Trump has been sent to America as a saviour, a conviction he increasingly adopted, especially after surviving an assassination attempt during his election campaign. A key element of his religious beliefs is the close association between Christianity and business pursuits, which is vividly illustrated by his publication of a new version of the Bible.
Economists often overlook the role of religion in the economy, while sociologists have argued that the origins of capitalism are rooted in religious beliefs. Today, it is evident that capitalism does not align with any specific faith. However, an interesting question arises: to what extent is capitalist ideology itself quasi-religious? We have compelling evidence to explore this, particularly when we consider the underlying worldviews in economics, such as the tendency to view labour as suffering, which reflects Christian beliefs in original sin. Much of 19th-century economics was heavily influenced by Christianity, and that legacy remains evident in contemporary economic thought. Karl Polanyi famously viewed capitalism as a belief in the utopian transformation of society based on economic principles. While economists typically do not justify their views through religious arguments, the market often takes on the status of a transcendent, supra-human source of wisdom.
If we interpret capitalist ideology as having quasi-religious qualities, we can understand Trumpism as a form of capitalist fundamentalism. Fundamentalism is a radical version of religion that makes totalizing claims about truth and society, and actively seeks to defeat all perceived enemies of its true faith, rejecting any form of religious tolerance. Moreover, fundamentalism argues that religious belief provides the solution to all life issues in an orderly manner, promising eternal happiness to the true believer. This characterization aligns with Trumpism. Here are a few observations:
Trump actively undermines institutional safeguards necessary for maintaining what Max Weber defined as the diverse value spheres in modern society. This is evident in various ways, such as eroding the political separation of powers and denying the legitimacy of diverse ways of life. Those who do not fall in line with his beliefs are declared enemies of the people.
Furthermore, Trump creates extra-institutional powers that directly represent the fundamental values of capitalist ideology, most prominently seen in the context of “efficiency,” as symbolized by DOGE. This concept of “efficiency” is not pursued based on intersubjectively valid criteria; rather, the definitional power rests arbitrarily with the fundamentalist leader and their key supporters (in this case, Elon Musk as high priest).
Trump believes that the “art of the deal” is a universal principle applicable across all domains of life. This approach goes beyond economics to represent a basic principle of capitalist transactions. It is promoted not just as a pragmatic doctrine but as a universal principle, which is increasingly evident in international politics.
In pursuit of these ideals, Trump endangers millions of lives worldwide through arbitrary claims of righteousness and moral legitimacy and ruthless destruction of institutions and organizations that do not have legitimacy in the system of capitalist fundamentalism. This results in at least indirect forms of terrorist attacks against innocents by institutional destruction, including vulnerable children in Africa, as in the case of USAID.
Trump claims for himself the position of the ultimate leader with a reach far beyond the United States. Capitalist pursuits, as in the case of his Gaza proposal, are the means to project this fundamentalist claim to power.
Capitalist fundamentalism differs significantly from neoliberalism in several key ways. Neoliberalism is built on utopian beliefs that markets serve as universal principles for societal self-organization. This perspective, in theory, downplays the role of power, which is a major point of critique in discussions of its practical impact. In contrast, capitalist fundamentalism embraces the harsh realities of the system and places power at its core. It openly advocates for the exploitation of temporary advantages, disregarding any rule-based constraints. Capitalist fundamentalism recognizes the inherent violence of the capitalist system, a reality that neoliberal ideology often denies. It justifies any violation of universalist ethical norms in pursuit of its ultimate goal: the unrestrained accumulation of profit by its adherents. In the forms of evangelical Christianity that Trump subscribes to, this is a sacred value sublating all other values.
Capitalist fundamentalism is a powerful ideology as long as it is upheld by its followers, particularly business leaders. The domino effects of numerous top U.S. companies, along with a growing number of international firms operating in the U.S., of falling in line with its Supreme Leader suggests that this doctrine will not decline anytime soon. Ultimately, only God can save America!
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