Is American capitalism still capitalism?
Ian explains why “free market capitalism” looks very different today than in decades past. Recent news that the US government is taking a 10% equity stake in Intel is just one example of Washington moving toward a more state-driven economic model.
While government subsidies for strategic industries like semiconductors may make sense, Ian warns that other industrial policies, like trying to re-shore large-scale manufacturing, risk being backward looking. Ian also argues that much of what passes for capitalism in the US is really oligarchy: corporations using lobbying to secure entrenched advantages and offloading the costs of their business models onto the public.
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