I rather see a longer historical dynamic at work, one of capital repeatedly fleeing from control, making swing a historical pendulum between freedom and tyranny.
The rise of capitalism came hard on the heels of mercantilism, under which merchants and trade cartels started to gain power independently of the landed gentry, upending the traditional source of power under feudalism, land being the essential productive asset. As merchants, like many early Americans, were subject to royal whim and costs which could seem onerous or unfair, many at the time of the French and American revolutions were motivated by a revolt against
taxes and royal whim, today taking the form of
taxes and regulations.
Soon enough, the rise of democracy coincided with the brutality of the repetitive kind of work in factory jobs, the rise of many company towns, and widespread labor abuse, apart from slavery and indentured labor (railroads). Thus, socialism and labor movements arose, creating an economic rival to capital. It is at this time that the power of the voting public to make policy and of government to tax began to seem the same threat as before to the most wealthy. It was not long until collusion between the state, in the form of corrupt officials, and capital, in the form of wealthy groups and individuals, became part of governance. How this approaches state capitalism and its loving partner, some form of ethnic or national bigotry (fascism), is a matter of degree, as these factors
remain strongly in play today across the developed world. Fascism could be best described as when this collusion formally invades the rule of law and neutralizes the threat of popular will.
And they have a point, to a degree. The popular will, possessed of some viral ideology of one kind or another, is a danger to capital. Not that this endorses their backroom shenanigans.
At any rate, when fascist collusion, in the form of a Hitler backed by capital, did arise, capital found that, gulp,
"we've gone gone back from taxes and logical regulations to taxes and populist whim, an effing downgrade." The "best", and most stable combination, is formal democracy masking backroom collusion, with big shots running the show (Heritage Foundation, store-bought SCOTUS, GOP... and Democrats) enough for there to be the illusion of a popular say.
Carlin said it best: "
It's a big club... and you ain't in it!"