In this paper, I address George Bataille’s observations on the fascism of his age, as well as the controversial reception of his writings on that topic. I argue that most readers have neglected one important aspect of his treatment of fascism. Many critics and commentators have overly focused on Bataille’s alleged fascination with the way in which fascist leaders presented themselves on the political stage, and his attempt to describe socially excluded or suppressed elements. At the same time, they have overlooked Bataille’s engagement with Marx’s critique of political economy in his writings of the early 1930s, particularly with the concepts of “exchange value” and “reduction of concrete to abstract labour”. In this chapter, I show how Bataille’s account of fascism makes use of these concepts, which are not always obvious on the surface of the text. Furthermore, I argue that without them the discussion of his view of the social developments at the time remains incomplete.