The U.S. government is basically running a "command economy" in tech now, taking stakes in companies and demanding a cut of the profits.
SSRN · March 18, 2026 · 6432538
The Takeaway
The U.S. is traditionally seen as the champion of free markets, but national security concerns have pushed the government into roles typically seen in planned economies, such as picking winners, taking 'golden shares,' and requiring companies to pay the state a percentage of their sales.
From the abstract
In the name of national security, the Trump administration has taken a stake in Intel, acquired a “golden share” in U.S. Steel, obtained equity stakes in critical minerals companies, and required semiconductor companies to pay the government a percentage of their profits from sales to China in exchange for export licenses. These actions mark a dramatic departure from the traditional U.S. capitalist system, which relies on the market, not the government, to pick winners and losers. Indeed, they c