{"id":5601,"date":"2025-08-12T22:39:03","date_gmt":"2025-08-12T22:39:03","guid":{"rendered":"https:\/\/friscotimes.org\/?p=5601"},"modified":"2025-08-14T02:44:29","modified_gmt":"2025-08-14T02:44:29","slug":"is-maga-going-marxist-and-maoist-trumps-assault-on-free-market-capitalism","status":"publish","type":"post","link":"https:\/\/friscotimes.org\/?p=5601","title":{"rendered":"Is MAGA going Marxist and Maoist? Trump’s assault on free-market capitalism"},"content":{"rendered":"\n

As many\u00a0CEOs<\/a>\u00a0understandably grew horrified last month at the prospect that New York City, the capital of capitalism, is on the brink of going socialist with the mayoral momentum of the inexperienced candidate Zohran Mamdani, they were ignoring the greater assault on free market capitalism that has already overtaken the nation in the Republican Party.\u00a0While we agree that Mamdani\u2019s solutions to affordable housing and grocery prices threaten to\u00a0undermine free markets<\/a>\u00a0by bowing to the appeal of populist anger, President Donald Trump has already begun doing so, but to suit his own grandiose political agenda instead.\u00a0<\/p>\n

\n

Unlike any leader of any free-market economy around the world, President Trump has seized control of private enterprise\u2019s strategic decision-making and investment policies while invading corporate board rooms so that he may dictate leadership staffing, punish corporate critics, and demand public compliance with his political agenda. This is far more dangerous to capitalism than a city-run grocery store.<\/p>\n

Many free-market economists and business leaders who have long worshipped the free-market ideals of\u00a0Adam Smith, Friedrich Hayek, Ayn Rand, and Milton Friedman should be aware that their idols would be rolling in their graves right now, as rather than pursue standard laissez-faire conservative economic policies, MAGA has gone Marxist and even, increasingly, Maoist.<\/p>\n

As Greg Ip warned this week in The Wall Street Journal<\/em>, \u201cThe US marches toward state capitalism with American characteristics<\/a> \u2026 President Trump is imitating [the] Chinese Communist Party by extending political control ever deeper into the economy.\u201d\u00a0 Ip pointed out that in the past, crisis-driven government bailouts of the banking and automotive sectors, such as TARP, were acute, targeted assistance, with brief and bipartisan rescue aims.\u00a0Similarly, government incentives to drive investments in chips manufacturing, oil exploration, space exploration, internet development, agricultural vitality, cancer detection, disease treatment, and clean energy were not ownership deals with preferred companies or corporate cronies. \u00a0<\/p>\n

Indeed, Ip\u2019s warnings mirror our own, as we were the first to accurately, presciently warn\u2014over a year ago\u2014that many of Trump\u2019s economic positions more closely resemble communism than capitalism, as part of what we called \u201cthe coming MAGA assault on capitalism<\/a>.\u201d It certainly looks like MAGA is going Marxist if not even Maoist, especially across Trump\u2019s vicious personal targeting of individual business leaders; government crackdown on business freedom of expression; weaponization of government powers; apparent extortion of businesses; and insertion of government into an unprecedented, outsized role in private sector strategic investment, capital flows and business decision-making.<\/p>\n

Marxism and Maoism were both, of course, expressions of the communist theory that spilled forth from Karl Marx\u2019s pen in the 19th century, brought to life in the brutal one-party states of the Soviet Union and the People\u2019s Republic of China under its leader Mao Zedong, before it evolved into \u201ccapitalism with Chinese characteristics\u201d starting in the 1970s, around the time of President Richard Nixon\u2019s fateful visit to Beijing. <\/p>\n

Both Marxism and Maoism claimed to champion \u201cordinary people\u201d against corrupt or exploitative elites, while both targeted intellectuals, bureaucrats, and traditionalists, and purged institutions to enforce ideological purity, especially during Stalin\u2019s \u201cGreat Terror\u201d and Mao\u2019s \u201cCultural Revolution.\u201d Both centralized leadership to the point of creating a cult of personality, demanding intense loyalty and the glorification of the sole figure who could fix the country\u2019s problems. Both prized loyalty over expertise, sidelining critics and dissenters in favor of a tightly controlled political narrative. Sound familiar?<\/p>\n

The essence of market capitalism is that owners\u2014shareholders and the management they appoint share in the profits. These deals give share of profits to government in return for favors.\u00a0Friedman said that federal government should never own anything\u2014that it should not run a surplus because it would have funds to invest in the private sector. What strategic decision-making rights would the government have in such deals, then?<\/p>\n

Assaults targeting individual business leaders<\/strong><\/h2>\n

Trump has a long history of targeting individual CEOs in highly vicious, personal terms for perceived offenses. This week, Trump called for the\u00a0firing of Goldman Sachs\u2019\u00a0renowned economist Jan Hatzius who accurately called the 2008 financial crisis over the economist\u2019s concern regarding the tariff overhand on the US economy. He also attacked a top-performing financier,\u00a0David Solomon, the non-partisan CEO of Goldman Sachs, telling him to quit and just be a disc jockey. (Solomon has a famous side hustle as an electronic dance music DJ, known as DJ D-Sol.)<\/p>\n

Just last week, many semiconductor industry observers\u00a0expressed tremendous discomfort\u00a0with Trump\u2019s attacks on Lip-Bu Tan, the CEO of Intel, and Trump\u2019s calls for his immediate resignation. Even those who are genuinely concerned by Tan\u2019s documented history of CCP ties and his continuing investments in China, would have preferred that Trump express his views in a more subtle fashion which recognizes the widespread entanglements of the Chinese Communist Party in the largest Chinese businesses. Roughly one-third of the\u00a0Chinese economy<\/a>\u00a0is controlled by CCP-owned enterprises with actual CCP monitors in their boardrooms.\u00a0Instead of calling this out, the Trump administration appears to want to match such corporate oversight itself.<\/p>\n

Virtually any CEO doing business in China works with companies and schools that have ties to People\u2019s Liberation Army of China, given China\u2019s own authoritarian command economy.\u00a0 There has been great concern that such prominent Chinese businesses as Huawei, Aviation Industry Corporation of China (AVIC), China Telecom, China Mobile, and Hikvision\u00a0have close ties<\/a>\u00a0to the PLA. Many state-owned enterprises with which most western enterprises do business even have\u00a0militias<\/a>\u00a0with ties to the PLA. While this is concerning across political parties, how can President Trump justifying singling out Intel alone?<\/p>\n

Trump has similarly publicly called out and humiliated leading CEOs ranging from Jamie Dimon<\/a> of\u00a0JPMorgan to Brian Moynihan of Bank of America\u00a0to\u00a0Doug McMillon<\/a> of Walmart\u00a0to\u00a0Tim Cook of Apple\u00a0to\u00a0Matt Levatich of Harley-Davidson, among many others, when they speak the truth about issues ranging from trade policies to HR practices to diplomacy to environmental sustainability.\u00a0 <\/p>\n

The unwarranted attack on Brian Moynihan and Bank of America\u2014that they previously denied him as a customer\u2014was particularly alarming as President Trump\u2019s four bankruptcies were reasonable concerns when major banks were approached about lending to him. Bewilderingly,\u00a0Deutsche Bank\u2019s<\/a>\u00a0private wealth unit loaned Trump $48 million\u2014following his default on a $640 million loan from Deutsche Bank\u2019s commercial unit. Now regulators are being told by the Trump Administration to withdraw\u00a0reputation risk<\/a>\u00a0as criteria for reviewing prudent banking practices.<\/p>\n

Suppressing business freedom of expression in favor of political obedience<\/strong><\/h2>\n

The political right used to complain about the \u201cpolitical correctness of the left.\u201d Similarly, Trump\u2019s history of cracking down on businesses for exercising their freedom of expression resembles the purges of Maoist China far more than American democratic norms.<\/p>\n

For example, when Merck CEO Ken Frazier resigned from Trump\u2019s Manufacturing Councils in protest over Trump\u2019s infamous response to the Charlottesville rally, claiming there were \u201cfine people\u201d on both sides, Trump lashed out at Frazier, mocking him by saying he\u2019d now have \u201cmore time to lower ripoff drug prices<\/a>\u201d. Similarly, Trump has repeatedly attacked Jeff Bezos, claiming that Amazon was \u201cstealing\u201d from the US Postal Service in the aftermath of critical coverage by the Bezos-owned Washington Post.<\/p>\n

Trump FTC Chairman Andrew Ferguson has publicly challenged woke ideology as a part of his antitrust remit,\u00a0arguing that<\/a>\u00a0\u201cIn 2020, if you had a view on masks that was inconsistent with how big tech felt about masks, you weren\u2019t allowed to talk about it. If you had a view on vaccines, couldn\u2019t talk about it. But it wasn\u2019t just big tech censorship. That was a huge problem. Consumers couldn\u2019t go into a store without having political messages pushed in their face. And I\u2019m sitting in 2020 working in the Senate going, gosh, if companies feel like they can alienate half their consumer base without suffering any real competitive consequences, we probably have a competition problem.\u201d<\/p>\n

Similarly, Trump FCC Chair Brendan Carr has argued that he would use DEI as a basis to block mergers,\u00a0declaring that\u00a0\u201cif there are businesses out there that are still promoting invidious forms of DEI discrimination, I really don\u2019t see a path forward where the FCC could reach the conclusion that approving the transaction is going to be in the public interest.\u201d<\/p>\n

Accordingly, to complete it acquisition of Paramount\/CBS, David Ellison\u2019s Skydance\u00a0had to ensure review of its news reporting \u201cto address bias and restore fact-based reporting\u201d with a bias monitor\u00a0as well as racial hiring practices which met the FCC\u2019s standards under Carr.<\/p>\n

Seizing control of strategic investment and private enterprise decision-making<\/strong><\/h2>\n

Akin to Mao Zedong directing business decisions as a part of his wildly disastrous Great Leap Forward central economic planning initiative, Trump has plunged the US government headfirst into an unprecedented active role in directing private business decision-making and capital flows. Last month, he ordered\u00a0Coca-Cola\u00a0CEO James Quincey to replace cane sugar with other sweeteners that the firm uses, despite the lack of scientific evidence supporting such a move and despite the fact that the CEO of Coca-Cola is accountable to his board and shareholders, not Donald Trump.<\/p>\n

This even extends to the US government directly receiving equity stakes, golden shares, and royalties from business revenues, sometimes as a part of complicated negotiations with the US government and giving off the appearance, whether warranted or not, of drug deals. For example, leading chipmakers Nvidia and AMD were just forced to\u00a0surrender 15% of the revenue\u00a0flows from their sales to China to the U.S. government, apparently as a concession to be able to continue selling in that market.<\/p>\n

Similarly, as a\u00a0precondition to approving<\/a>\u00a0the dangerous takeover of US Steel by the Japanese, Trump extracted a \u201cgolden share\u201d for the U.S. government with effective veto power over certain corporate decisions. Likewise, in his first term, Trump attacked Harley-Davidson for supposedly moving factories overseas when in reality\u00a0100% of its beloved motorcycles sold in the U.S. are actually made in the<\/a>\u00a0U.S. Out of sheer political spite, Trump proclaimed that American bikers should buy from Harley\u2019s foreign competitors,\u00a0ranting that<\/a>\u00a0Harley had \u201csurrendered\u201d and \u201cbetrayed\u201d America while threatening \u201cthey will be taxed like never before.\u201d<\/p>\n

Likewise,\u00a0Trump wrongly accused Ford<\/a>\u00a0of robbing Detroit of jobs when it relocated an engine plant from Europe to Mexico, fortifying its North American supply chain. When one of us personally corrected Trump on that, he replied, \u201cI don\u2019t care, it\u2019s working.\u201d At the same time, the home appliances firm Carrier had a parallel experience with Trump-bashing them, despite being located in Mike Pence\u2019s home state of Indiana.<\/p>\n

Political weaponization of government powers\u00a0<\/strong><\/h2>\n

Trump\u00a0targeted AT&T<\/a>\u00a0with a drawn-out antitrust suit as well as numerous personal taunts when it tried to merge with Time Warner, hoping to pressure CNN to become more friendly in its coverage. In stark contrast, Trump pal Rupert Murdoch\u00a0received the white-gloves treatment<\/a>\u00a0through antitrust when he sold 21st Century Fox at around the same time, despite arguably more genuine antitrust concerns. <\/p>\n

In fact, Trump antitrust chief Makan Delrahim expressed support for the AT&T-Time Warner combination as an academic but flipped 180 degrees to appease Trump once in office, holding up the deal for two years. Likewise, before his first term ran out, Trump\u00a0personally drove a proposed deal<\/a>\u00a0that would have secured TikTok for his longtime supporter and friend Larry Ellison at Oracle, unusually inserting himself into every detail of the negotiation process.<\/p>\n

The appearance of extortion and bribery<\/strong><\/h2>\n

As prominent media commentators such\u00a0as Oliver Darcy<\/a>\u00a0and Matt Belloni point<\/a>\u00a0out, some of Trump\u2019s demands resemble extortion. There was the payment of $16 million<\/a>\u00a0to the Trump Presidential Library from CBS News\u2019\u00a060 Minutes<\/em> over the standard editing of an interview with Kamala Harris last summer. This occurred over\u00a0the objections of its executive producer<\/a>\u00a0(who resigned in protest), and while FCC approval was pending of Paramount\u2019s acquisition by Skydance.<\/p>\n

This was followed by the cancellation of the modern \u201cKing of Comedy<\/a>,\u201d Stephen Colbert, whose revered late show suddenly had its deal abruptly canceled on the eve of Trump\u2019s FCC merger approval, seemingly over its satirical criticism of the Trump administration. The explanation that\u00a0the show was too expensive and lost money<\/a>\u00a0raised many eyebrows, particularly given the lack of attempts to trim the 200-person production staff.<\/p>\n

Similar lawsuits initiated by Trump in office against private businesses give off a similar appearance of extortion and bribery, whether justified or not. These include Trump\u2019s $10 billion lawsuit against The Wall Street Journal<\/em> for reporting about a letter Trump wrote to Jeffrey Epstein for his 50th<\/sup>\u00a0birthday; and Disney\/ABC\u2019s $15 million payment<\/a>\u00a0to the Trump Presidential Library to settle defamation claims against George Stephanopoulos.<\/p>\n

Across each of these five dimensions, one can\u2019t help but think MAGA is going Marxist or full Maoist. Adam Smith\u2019s salute to the \u201cinvisible hand\u201d of free markets in favor of the fist of government appears to be losing out in the Trump administration. as these unprecedented policies with no parallel in American history share much more in common with Karl Marx and Mao Zedong than Adam Smith and Ayn Rand. Many now wonder why the Business Roundtable remains missing in action, insulating itself with turgid knowledge, subtracting white papers and passive forums, piously genuflecting to President Trump\u2019s assaults on free-market capitalism that make New York\u2019s Mamdani look like John D. Rockefeller.<\/p>\n

The Marxist-style oppression of free enterprise was echoed in assaults on the nation\u2019s top law firms and universities through authoritarian blitzkriegs to suppress constitutionally protected American ideals of freedom of expression, a cornerstone of capitalism. Harvard University, like\u00a060 other universities, has been threatened with a cutoff of foreign-born students and vital federal research funds under the false pretext of antisemitism, despite the Anti-Defamation League giving Harvard passing grades on its tests for antisemitism. Paul Weiss is one of\u00a0many major law firms<\/a>\u00a0that the Trump administration threatened with having its security clearance and federal building access denied, merely by offering to represent independent citizen voices attacked by Trump for noncompliance with his thought police and MAGA political correctness. We have\u00a0spoken in admiration<\/a>\u00a0of the hundreds of\u00a0universities\u00a0and\u00a0law firms<\/a>\u00a0that have now unified<\/a> to stop these totalitarian White House edicts. The legal and academic community remembered what the Business Roundtable and genuine traditional economic conservatives have forgotten, which was Benjamin Franklin\u2019s admonition that \u201cwe must all hang together or surely we will hang separately.\u201d<\/p>\n

The authors would like to thank Steven Tian and Stephen Henriques from the Yale Chief Executive Leadership Institute for their research.<\/em><\/p>\n

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of\u00a0<\/em>Fortune.<\/em><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

As many\u00a0CEOs\u00a0understandably grew horrified last month at the prospect that New York City, the capital of capitalism, is on the brink of going socialist with the mayoral momentum of the…<\/p>\n","protected":false},"author":742,"featured_media":5602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[6],"tags":[3431,6869,6868,3676,6867,6866,750],"jetpack_publicize_connections":[],"yoast_head":"\nIs MAGA going Marxist and Maoist? 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