Shang-Jin Wei shows that the US state has pragmatically intervened in markets and the economy since day one.
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Economics
Jul 2, 2026
Shang-Jin Wei
While the prevailing economic narrative in the United States has often extolled free markets, policymaking itself has always been more pragmatic. From its very founding, the US has had a hybrid model in which the state directs, subsidizes, and occasionally bails out private enterprise in the service of national priorities.
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