"Golden shares” at home, grand bargains abroad. In this episode, Cato scholars weigh Trump’s push for equity stakes in U.S. firms under the CHIPS Act and his effort to strike a quick deal with Putin on Ukraine. What does state capitalism at home mean for American liberty—and can deal-making diplomacy abroad actually end the U.S. entanglement in Ukraine?

Scott Lincicome, “The government’s Intel stake is antithetical to American greatness”

https://www.washingtonpost.com/opinions/2025/08/24/trump-intel-government-marketplace/

Justin (and Dan Caldwell) on security guarantees: https://thefederalist.com/2025/08/26/if-ukraine-wants-security-guarantees-it-should-get-them-from-europe/

Ryan Bourne, “Trump’s cronyism is quietly unravelling American capitalism,”

https://www.thetimes.com/us/business/article/trumps-cronyism-is-quietly-unravelling-american-capitalism-jxlwwf7dw

Ryan Bourne, Industrial Policy was the Gateway Drug to Cronyism

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