Nearly everyone complains about capitalism’s defects, or market failures. In fact, those are social failures, not specifically market failures, which show up when many rational individual actions create a social situation that displeases everyone. This means that government dirigisme — state direction or displacement of the market — cannot be a remedy because who do you think staffs the government and how do they get there? A big difference between the two systems — market and state — is that while the market diminishes social defects, the government magnifies them.
Reindustrialization, the Dollar, and the Limits of Tariff Politics
President Donald Trump’s call to reindustrialize the United States taps into a widely shared sense that something fundamental has gone wrong in the American economy. Manufacturing employment has collapsed, entire regions have been hollowed out, and supply-chain...





























