We like to think of the U.S. economy as one big free market arena: The best companies rise, the weak ones fall, and Washington just sets the ground rules. But that story got a new twist when the federal government took a 10% stake in Intel. Yes, Uncle Sam is now a shareholder in one of the country’s most iconic tech firms.

If that feels unusual, it is. And it begs the question: What does it mean for business when the government goes from referee to part-owner?

We’ve been here before.

· In World War II, Washington invested directly in companies making tanks, planes, and ships.

· In 1979, Chrysler was sinking until the government backed it with loans (and later profited on equity warrants).

· In the 2008 financial crisis, the government wound up owning slices of AIG, Citigroup, and e

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