Workers – men and women – of all countries, place yourselves under the banner of the Fourth International. It is the banner of your approaching victory!

Both theoretical analysis as well as the rich historical experience of the last quarter of a century have demonstrated with equal force that fascism is each time the final link of a specific political cycle composed of the following: the gravest crisis of capitalist society; the growth of the radicalization of the working class; the growth of sympathy toward the working class, and a yearning for change on the part of the rural and urban petty bourgeoisie; the extreme confusion of the big bourgeoisie; its cowardly and treacherous maneuvers aimed at avoiding the revolutionary climax; the exhaustion of the proletariat; growing confusion and indifference; the aggravation of the social crisis; the despair of the petty bourgeoisie, its yearning for change; the collective neurosis of the petty bourgeoisie, its readiness to believe in miracles, its readiness for violent measures; the growth of hostility towards the proletariat, which has deceived its expectations. These are the premises for a swift formation of a fascist party and its victory.

The bourgeoisie...by its imperialist methods of appropriation is destroying the economic structure of the world and human culture generally. Nevertheless, the historical persistence of the bourgeoisie is colossal. It holds power, and does not wish to abandon it...The red terror is a weapon utilised against a class, doomed to destruction which does not wish to perish.