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The descent of American capitalism into a racket is being greased by professed capitalists in government, in collaboration with professed capitalists in what is called, with decreasing accuracy, the private sector. This is occurring under the auspices of Republicans, and while many Democrats are arguing, with some accuracy but more incoherence, this: The government has become a servant of grasping private interests — and should be much bigger and more interventionist.

Protectionism — laws and administrative rulings by which government determines the prices and quantities of imported goods and services — is government regulation. So, it is probable that the current administration, which lists deregulation as among its glistening achievements, is producing a substantial net increase in economic regulation.

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