The latest trend in capitalism: Ask government for everything

It is striking to see so-called “neoliberal” capitalism now trending in a direction that runs complete ly counter to its normal nature. Initially, neoliberal capitalism called for a reduction in the size and role of government. But today, it asks government for everything: Finance (or co-finance) strategic investments (energy transition, healthcare, industrial reshoring, infrastructure, etc.) and research; Support employees and companies in difficulty as well as young people; Carry out an industrial policy, i.e. support strategic sectors; Train young people so they have the skills required by companies; Bear corporate financing risk (equity but also debt financing ); Finance targeted household consumption. This dependence on government reveals a structural weakness of capitalism, which is no longer “neoliberal” at all.