President Donald Trump’s increasing control over businesses and the economy is being described by some commentators as “state capitalism”—a mix between socialism and capitalism.

But the term “state capitalism” is wildly inaccurate and blames capitalism for the evils of its opposing political system, statism. If we are to defend true capitalism, we need to understand what that term means and push back against packaging it together with statism.

Some of what is being labeled as “state capitalism” is the federal government’s newly acquired equity stake in Intel, which made the government one of the largest shareholders in the company. Additionally, the new tariffs pressure American businesses to reorganize their entire production to bring manufacturing back to America, even if it mean

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