There is some evidence, contradictory as it is, that if the PDS [Party of Democratic Socialism] did not exist, then the consequence would be a strengthening of the DVU [German People's Union], the NPD [National Democratic Party of Germany] and the Republikaner […] This does not mean, however, that I subscribe to the ever-present but increasingly orthodox horseshoe theory of political analysis […]
2022 December 14, Kathleen Belew, “The Crunchy-to-Alt-Right Pipeline”, in The Atlantic:
Some political scientists have suggested a “horseshoe theory,” with the center as the rounded top of a horseshoe and the two fringes on either end, but inclined toward one another. This image, while evocative, isn’t quite right. In the archive, it looks more like a circle.