Today, Explained Is America still capitalist?
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Aug 19, 2025 
In this enlightening discussion, Bhaskar Sunkara, President of The Nation magazine and founding editor of Jacobin, joins Tracy Alloway, co-host of Bloomberg's Odd Lots podcast. They delve into Trump's unexpected embrace of socialist policies, like nationalizing steel and pressuring corporations for profit shares. The duo unpacks the implications of these moves, questioning if they signal a departure from traditional capitalism. They also examine shifts toward government intervention in a tech-driven landscape, exploring the growing allure of socialist ideas in America.
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Capitalism Is Messier Than The Textbook
- Capitalism is defined by private ownership and market allocation, but pure free-market capitalism is mostly theoretical.
- Tracy Alloway says real economies always involve government roles and definitions vary by perspective.
Government Revenue Share For Market Access
- Trump pushed NVIDIA into a revenue-sharing deal for chip exports to China, expanding presidential leverage over corporations.
- Tracy Alloway warns this kind of market-access revenue share is unusual in U.S. industrial policy.
Golden Share Gives The State Corporate Clout
- The U.S. used a golden share model to take corporate control signals in U.S. Steel, similar to long-standing Chinese practices.
- Alloway notes this grants the government decisive influence over corporate decisions like location and headquarters.