In a move more common in state-managed economies than in the free-market system America has long claimed to champion, the Trump administration is reportedly considering taking a direct equity stake in Intel, outside of wartime or an ongoing financial crisis.

Supporters of the move argue that this is about saving a foundering tech giant crucial to national security. Intel has fallen behind rivals like Taiwan Semiconductor and Samsung, and its long-delayed $20 billion chip plant in Ohio has become a symbol of its troubles. But what’s unfolding here is not simply a question of rescuing a critical manufacturer. It’s about the accelerating pattern of government intrusion into private business, on terms dictated by the political whims of one man.

From the outset of his presidency, Donald Trump

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