The Journal. Is American Capitalism in Retreat?
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Aug 19, 2025 
Greg Ip, the Chief Economics Commentator for The Wall Street Journal, dives into the intriguing shift in American capitalism. He discusses how recent government interventions in key industries might align the U.S. economy more closely with state capitalism akin to China's. Ip raises concerns about the deepening political control over the economy under the Trump administration and compares this trend with historical U.S. economic modifications. This conversation sparks debate on the future of capitalism and government roles in shaping economic policy.
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U.S. Moving From Pure Free Markets
- The U.S. has migrated away from a pure free-market model over the last 10–15 years.
- Bipartisan disillusionment and strategic concerns drove greater state involvement in select industries.
What State Capitalism Means
- State capitalism keeps private ownership but lets the state direct key company decisions.
- This goes beyond regulation to active choices about where companies invest and what they prioritize.
Golden Share In U.S. Steel Deal
- Trump approved Nippon Steel's takeover of U.S. Steel but insisted on a "golden share" for the Treasury.
- Greg Ip notes China uses the same mechanism to let the state veto key private decisions.