Many Happy Returns The Visible Hand: Is America Abandoning Free-Market Capitalism?
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Aug 27, 2025 Explore the evolving dynamics of capitalism in the U.S., where government intervention is reshaping free-market principles. Examine the strategic acquisition of stakes in major corporations like Intel to strengthen the semiconductor industry. Discuss the implications of China's dominance in rare earth markets and the effects of tariffs on U.S. trade. Delve into the costs and benefits of government bailouts, questioning the balance between taxpayer responsibility and corporate accountability amidst shifting political landscapes.
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Government Takes Equity In Intel
- The US government bought a 10% stake in Intel and paid below market price to secure domestic chip capacity.
- This signals a shift from referee to active player in strategic industries and industrial policy.
Export Levies As Strategic Policy
- The US is using export levies and conditional licenses to control technology flows, exemplified by a 15% cut on certain chip sales to China.
- These measures create trade friction and may accelerate rival domestic capabilities abroad.
Apple's White House Concession
- Apple publicly pledged $600 billion of US investment after a White House meeting and gift exchange with Donald Trump.
- Tim Cook appeared to make concessions to placate the administration while preserving global supply chains.