Jonathan Chait: “The president’s public communion with the business titans who have submitted to him has been analyzed as a signal of his authoritarianism and his alliance with the rich. But it also reveals another emerging aspect of Trumpism: his rejection of the capitalist principles that ultimately generate prosperity.”
“Trump has never believed in the invisible hand—in leaving people alone to pursue self-interest in a free market; in letting market forces allocate capital and arbitrate any given company’s success or failure. Nor does he even believe in traditional mercantilist protection. He believes, like Putin, in political control of the economy’s commanding heights—success for those executives and companies who please him, failure for those who don’t. And he seems to be seeking that control more actively than he did in 2016.”
“Already, Trump’s words and actions have brought about a psychological transformation within the executive class. Presidents and business leaders have sometimes tangled, or formed partnerships, but the combination of fear and solicitousness that Trump now commands is wholly new.”
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