Although I’d argue it is often just as much a failed technocracy.
This is pretty much the exact argument that Hayek makes - socialism leads to fascism through political gridlock.
https://www.jstor.org/stable/45129546
https://lpeproject.org/blog/neoliberal-encasement-infrastruc...
Calling everything fascist, nazis, communists, etc. is making actual fascism, nazism and dictatorship more likely.
Because you can't raise the attention of people to the absolute priority those needs when the time come if you just wasted it on stuff that were not it again and again.
We are crying wolf, and we'll pay the price.