Editor's Notes: The Point of Government Equity Stakes Is Personalism
It is not industrial policy. It's the rule of men rather than of laws.
Editor's Notes
Editor's Notes: The Point of Government Equity Stakes Is Personalism
It is not industrial policy. It's the rule of men rather than of laws.
2 min read
As of August of this year, the United States government now owns equity stakes in 30 major corporations, from chip manufacturers to rare earth metals to defense contractors. This is usually framed in terms of Donald Trump’s supposed pursuit of manufacturing, the same “industrial policy” that sees our chaotic and ever-shifting tariff regime dressed up in the philosophy of Alexander Hamilton. But the truth is far more elemental. Donald Trump talks a lot about manufacturing, but by the numbers, manufacturing has barely increased despite all his policies. What Donald Trump cares about is power—his power. Personal power not constrained by law.
Since December 5, 2024, Liberal Currents has been publishing essays on the dangers of personalist authoritarians and the ways in which the Trump administration aspires to consolidate a regime of that kind.
We have been clear eyed about the nature of the danger since the beginning and we have continued to oppose it with every tool we have.
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