- Banned
- #1
But by the end of the week, one of the highest-ranking officials in the Trump administration was openly suggesting that America should engage in one of the hallmarks of socialism: a state takeover of a private company.
In a speech last Thursday, Attorney General Bill Barr floated the idea that the United States could purchase a majority stake in tech companies like Sweden-based Ericsson or Finland-based Nokia as a way to counter the growing prominence of China's Huawei as the world's leading provider of fifth generation (5G) mobile internet hardware.
"Putting our large market and financial muscle behind one or both of these firms would make it a more formidable competitor and eliminate concerns over its staying power," Barr said. "We and our closest allies certainly need to be actively considering this approach."
He even wrapped his idea in socialist language, saying that the United States must "act collectively" to stand up to China's rising economic power and technological developments. He might not have been calling for a Marxist-style seize-the-means-of-production uprising, but Barr's pitch for some kind of techno-corporate socialism is still shocking—even by the standards of an administration that has embraced central industrial planning as an anti-China strategy. It was all the more so because it came during in a prepared, formal speech, not as an off-the-cuff remark that later needed to be walked back.
Corporate Socialism? Bill Barr's Suggestion That the U.S. Should Buy Nokia or Ericsson To Counter China Is a Terrible Idea.
In a speech last Thursday, Attorney General Bill Barr floated the idea that the United States could purchase a majority stake in tech companies like Sweden-based Ericsson or Finland-based Nokia as a way to counter the growing prominence of China's Huawei as the world's leading provider of fifth generation (5G) mobile internet hardware.
"Putting our large market and financial muscle behind one or both of these firms would make it a more formidable competitor and eliminate concerns over its staying power," Barr said. "We and our closest allies certainly need to be actively considering this approach."
He even wrapped his idea in socialist language, saying that the United States must "act collectively" to stand up to China's rising economic power and technological developments. He might not have been calling for a Marxist-style seize-the-means-of-production uprising, but Barr's pitch for some kind of techno-corporate socialism is still shocking—even by the standards of an administration that has embraced central industrial planning as an anti-China strategy. It was all the more so because it came during in a prepared, formal speech, not as an off-the-cuff remark that later needed to be walked back.
Corporate Socialism? Bill Barr's Suggestion That the U.S. Should Buy Nokia or Ericsson To Counter China Is a Terrible Idea.
