Hitler’s Oligarchy - History Has Echoes

Grab your coffee and peruse my summary of Timothy W. Ryback’s essay in the February Atlantic, “The Oligarchs Who Came to Regret Supporting Hitler.” In it, he examines how prominent industrialists and businessmen in Germany initially resisted Adolf Hitler but later played a crucial role in his rise to power, often to their own detriment. Does this sound familiar, yet? Read on.

In the 1920s and early 1930s, most corporate elites viewed Hitler and the Nazi Party with suspicion due to its socialist rhetoric, which threatened their wealth and influence. However, key figures like Fritz Thyssen and Alfred Hugenberg eventually backed Hitler, believing they could control him while using his movement to suppress communism and labor unions. Hugenberg, a wealthy industrialist and media mogul, even helped secure Hitler’s chancellorship in 1933, expecting to hold sway over economic policy.

This is already drawing eerie parallels, so where might we be headed? Some of those  clues from the past follow. 

Once in power, Hitler quickly outmaneuvered his corporate allies, consolidating totalitarian control and sidelining those who had helped him rise. Hugenberg, who had envisioned himself as the true power behind the throne, was forced out of his government position within months, and many early Nazi financiers lost influence — or even their freedom — when they fell out of favor. Meanwhile, Germany’s major corporations, including Krupp, Siemens, I.G. Farben, and Bayer, adapted to the new regime by profiting from state contracts, military expansion, and eventually the widespread use of slave labor. Some, like I.G. Farben, were directly complicit in the Holocaust, supplying Zyklon B gas for extermination camps and conducting human experiments at Auschwitz.

By the war’s end, many industrialists faced war crimes trials, with some convicted for their role in Nazi atrocities. Alfried Krupp and other business leaders were charged with crimes against humanity for their exploitation of forced labor. However, figures like Hugenberg escaped serious consequences, despite their instrumental role in enabling the Nazi regime. Hugenberg, stripped of his empire, remained unrepentant and even managed to reclaim his frozen assets after being deemed a minor participant in Nazi crimes. His regret, if genuine, came too late — after he had helped usher in one of history’s most destructive regimes.

There are some hypothetical parallels, if not genuine historical echoes, between the industrialists who enabled Hitler and the relationship between modern corporate elites and political movements in the United States today. While certainly no direct comparison can fully capture the horrors of Nazi Germany, there are echoes of similar dynamics in how business leaders and oligarchs engage with populist, nationalist, or authoritarian-leaning political figures for their own interests, sometimes underestimating the long-term consequences.

Just as German industrialists initially viewed Hitler as a useful tool to combat communism and preserve their wealth, some American business leaders have supported political figures who appeal to nationalist, anti-globalist, or populist sentiments (Trump is not the only one, but he might be the most dangerous). This is often done to secure tax cuts, deregulation, or policies favorable to corporate interests, even if these politicians also embrace extreme rhetoric that undermines democratic norms, stokes division, or threatens institutions.

Hugenberg and other German businessmen believed they could control Hitler, leveraging his movement for their own gain while keeping him in check. Similarly, in the U.S., some corporate leaders and establishment figures have backed politicians they see as disruptors, assuming they can steer them toward their preferred policies while ignoring the destabilizing effects of their rhetoric or actions. However, history shows that once such figures consolidate power, they often sideline or even turn against their early supporters. That history is playing out once again.

Hugenberg’s role in media manipulation — spreading propaganda, fabricating news to weaken democratic institutions, and polarizing public opinion — has a modern parallel in how some media conglomerates and social media platforms amplify misinformation, conspiracy theories, and extreme rhetoric to drive engagement and profits. This contributes to a fragmented public discourse, making consensus and governance more difficult. The current world’s obscenely richest man has taken on this role.

Hitler reassured business leaders by shifting his economic message from radical socialism to state-driven capitalism, where corporations thrived under government favoritism as long as they aligned with the regime. In the U.S., certain politicians like Trump and his sycophants have similarly embraced economic nationalism, promoting tariffs, protectionist policies, and corporate favoritism while attacking regulatory agencies, labor rights, immigration, and independent oversight mechanisms. This creates a system where corporations are incentivized to support political leaders who promise short-term economic benefits, even if it means undermining broader democratic principles.

The willingness of business elites to accommodate extremist figures in 1930s Germany ultimately led to their entanglement in a regime that brought devastation to Europe and, eventually, to their own downfall. In the U.S., there is ongoing and justifiable concern about whether certain political figures and movements — especially those that challenge democratic norms, discredit elections, or embrace authoritarian rhetoric — could lead this country down a path of democratic decline. If corporate elites continue to support such figures for financial or strategic reasons, they may find themselves complicit in long-term consequences they did not anticipate. Or did they?

While currently, America’s institutions remain stronger and more resilient than those of the German Weimar Republic before Hitler’s takeover, the lessons from history suggest that when economic and political elites empower demagogues for short-term gain, they risk losing control over what comes next. That is likely the path we are headed down right now.

Ryback’s lengthy essay is well worth reading to better understand the parallels between America today and Germany during the previous fourth turning. His book “Takeover: Hitler’s Final Rise to Power,” (2024) is also an excellent and eye-opening read.

https://www.theatlantic.com/ideas/archive/2025/02/hitler-oligarchs-hugenberg-nazi/681584/

https://www.amazon.com/Takeover-Hitlers-Final-Rise-Power/dp/0593537424