US Economy: State Capitalism Is Back in Fashion. That’s Not Good.

Politicians all over the world are showing renewed enthusiasm for public ownership of private companies. The methods range from modest government stakes to outright nationalization, but the trend is apparent. Whether driven by concerns about supply-chain resilience, national security, deindustrialization or “profiteering” — often all of the above — the state is taking on a bigger economic role. It’s unlikely to end well.History shows that public ownership — the most heavy-handed intervention — i