President Donald Trump has taken steps that are redefining the Republican Party’s stance on free-market capitalism. The US leader has been intervening in various sectors, including Nvidia and Intel, which some critics say marks a shift towards “state capitalism.” Bhaskar Sunkara, president of The Nation magazine and Jacobin founder, argues that this approach may not necessarily benefit the working class.
Trump’s administration has implemented policies like revenue-sharing agreements with companies, taken control of US Steel, and considered investing in Intel. He also took steps to prevent price increases at companies under tariffs. These actions have led some to describe a “state capitalism” model similar to China’s.
Sunkara believes that this approach is rooted in the idea that private industry should be subject to more democratic control and oversight. He acknowledges Trump’s efforts on tariffs but remains skeptical about the effectiveness of these interventions for the working class.
Source: https://www.vox.com/today-explained-podcast/458571/trump-socialism-tariffs-economy