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From the perspective of sixties radicals, who regularly watched antiwar demonstrations attacked by nationalist teamsters and construction workers, the reactionary implications of corporatism appeared self-evident. The corporate suits and the well-paid, Archie Bunker elements of the industrial proletariat were clearly on the same side. Unsurprising then that the left-wing critique of bureaucracy at the time focused on the ways that social democracy had more in common with fascism than its proponents cared to admit. Unsurprising, too, that this critique seems utterly irrelevant today.*
What began to happen in the seventies, and paved the way for what we see today, was a kind of strategic pivot of the upper echelons of U.S. corporate bureaucracy—away from the workers, and towards shareholders, and eventually, towards the financial structure as a whole.
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*Though it is notable that it is precisely this sixties radical equation of communism, fascism, and the bureaucratic welfare state that has been taken up by right-wing populists in America today. The internet is rife with such rhetoric. One need only consider the way that 'Obamacare' is continually equated with socialism and Nazism, often both at the same time.
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David Graeber (The Utopia of Rules: On Technology, Stupidity, and the Secret Joys of Bureaucracy)