It would be communism under any other dictator
Friends,
If “state capitalism” were proposed by Democrats or progressives, it would be considered socialism or communism. Done by a neofascist president — as chronicled by the The Wall Street Journal — it’s simply considered inefficient (as the Journal concludes).
But Trump’s state capitalism is already large and growing, and it’s profoundly altering what we once thought of as the private sector. Consider what Trump has done in recent weeks:
- Allowed Nvidia and Advanced Micro Devices to license artificial intelligence chips to China on condition they pay the United States 15 percent of the money they make.
- Demanded that Intel’s CEO resign (the CEO met with Trump yesterday to plead his case).
- Proposed that the Defense Department take a 15 percent stake in MP Materials, which mines critical minerals.
- Allowed Nippon Steel to take over U.S. Steel on condition that Nippon pay a “golden share” of the proceeds to Washington.
- Reserved the right to personally direct some $1.5 trillion of promised investment from America’s trading partners into the United States.
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