At a recent competition law symposium in Washington, the Trump administration’s antitrust chief, Gail Slater, made a welcome promise to keep markets open to new competitors and innovation.

That pledge comes at a critical moment. Too many politicians in both parties still believe government’s job is to engineer economic outcomes rather than let consumers decide. That mindset misunderstands what makes markets dynamic — and often locks in the very problems regulators claim they want to fix.

Republicans and Democrats alike have embraced ‘industrial policy’ when it serves their political interests. They call it leadership, but it’s just another form of central planning.

Cronyism takes many forms: subsidies for favored industries, tax breaks for politically connected firms, or lawsuits targ

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