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The question of whether President Trump has turned the United States toward a new “state capitalism” — one in which the government is not just economic referee but active player — has been answered. His second term brings policies that go well beyond traditional Republican pro-market orthodoxies such as tax cuts and deregulation and into direct involvement with production and capital. Yet this doctrine is less a coherent grand strategy than a set of ad hoc deals, sometimes pro-market and sometimes interventionist.

Some Trump policies — tax cuts, deregulating, talk of budget-deficit reductions — retain a traditional Republican tone. On the other hand, this administration’s protection

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