Is the Trump administration trying to reshape American capitalism? Recent moves by Washington, such as taking a 10% share of semiconductor maker Intel, point to a shift in that direction. For decades, Washington has supported free-market capitalism. Today, the government appears to be supporting a new direction – state-directed capitalism.

As a professor at the Questrom School of Business who studies different economic systems, I find this reversal striking. My research is supported by the Ravi K. Mehrotra Institute, which is trying to understand how business, markets and society interact. My previous research – finding, for example, that U.S. news coverage of capitalism was far more negative in the 1940s than it is now – suggests capitalism isn’t in retreat but is rather evolving.

In what direction is the Trump administration pushing it?

While many people bandy around the term “capitalism,” it actually comes in

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