Or, My Contribution to “What People Are Saying”

I was quoted in a short article in Newsweek, offering an assessment on just how much of a radical break Trump’s seizure of effective control of several major American industrial corporations is, historically.
Andrew Stanton, “Is Donald Trump Undermining Capitalism?,” Newsweek, August 30, 2025:
Dael Norwood, an associate professor of history at the University of Delaware, told Newsweek a key difference between the Intel deal and those bailouts made during the Great Recession is that those programs were “quickly unwound.”
Another key difference from these historical deals is that those of Trump seem to be “arbitrary exercises of personal power, very directly tied to Trump himself,” Norwood said.
“A ruler seizing direct, personal control of large corporations (though various means) and using public policy to directly benefit his family’s enterprises is a massive break with the history of US capitalism, at least as since the American Revolution,” he said.
“In no case did the executive branch seek to exercise either strategic or tactical control over the business, much less extort them for personal gain,” he said.
…
Dael Norwood, an associate professor of history at the University of Delaware, told Newsweek: “I think these ‘deals’ suggest we’re witnessing a profound break with the historical patterns of American capitalism. American capitalism has always been deeply and inescapably intertwined with government – markets and private property exist only insofar as the law creates, legitimates, and regulates them; corporations are all literally creations of state and federal governments; government funding through grants or purchases has always been critical to the development and marketing of new technologies; and so on.”
Per the article, this take puts me in some agreement with a VP of the Cato Institute and Rand Paul, apparently – though I disagree that any of this is “socialism – but firmly on the other side from a corporate governance scholar at the University of Chicago, who advances a shockingly imaginative retelling of U.S. business history.
Strange days!
You can see more of what I have to say on this topic on my post on the US Steel “deal,” “Autocracy, Incorporated.”

