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Les Barclays's avatar

Interesting points regarding state capitalism or "American etatism" as I like to call it (spoke on this in my article questioning if USA needs a SWF). I think it's part of his broader strategy focusing on retaining - and even extending - American dominance, especially on the economic front. Just comes across like he's emulating China's state capitalism playbook in a historically free market nation (Trump 2.0 admin taking stakes in 'strategically important' companies, convergence of corporations + governments e.g. Genesis Mission, etc). We'll see if all this pays off...

I've also written about Europe's Innovation Paradox - the EU need to stop their political footdragging and build the CMU more than ever! Since Draghi's competitveness report in 2024, hardly any progress has been made. I've got a feeling there's a 'long Europe' theme at play here, and in the future. Just a bit unsure in which sectors outside of defence & pharmaceuticals so far.

Can't wait to read it when it drops!

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