Welcome to the Tollbooth Economy

America didn’t abandon free-market capitalism overnight. It just quietly added a new step to it: check in with the White House first. Since Donald Trump returned to office, the federal government has stopped acting like a neutral referee and started behaving like a gatekeeper—one that charges companies for access, certainty, and relief. Tariffs, export licenses, merger approvals, and regulatory decisions are no longer just policy tools. They’re bargaining chips. And if you want favorable treatment, you’d better be ready to make a deal. Continue reading “American State Capitalism: How Trump Turned Doing Business in America Into a Deal With the President”