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At a time when U.S. President Donald Trump and the Republican Party are warning about the threat of “communism,” the Trump administration itself has taken over much of the means of production.

If Trump’s foray into state capitalism last year seemed alarming—and it did—it has only gotten worse. 

At a time when U.S. President Donald Trump and the Republican Party are warning about the threat of “communism,” the Trump administration itself has taken over much of the means of production.

If Trump’s foray into state capitalism last year seemed alarming—and it did—it has only gotten worse. 

The U.S. government now holds equity stakes in as many as 30 companies across a gamut of industries. What started with a “golden share” in U.S. Steel has morphed into a government takeover of vast swathes of the economy. Trump recently browbeat oil companies such as ExxonMobil and Chevron over their refining margins, as the Iran war’s economic toll has led to higher gasoline prices. His own pick for the Federal Reserve is floundering,........

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