For whatever else it was, the COVID-19 pandemic undoubtedly proved to be a clarifying event. Among others, it made painfully apparent the massive defects in America’s globalized neoliberal economic operating system with its unfettered free markets and trade.
This was brought home when at the height of the pandemic Americans discovered to their horror that their nation was unable to produce even simple masks or medical supplies and was wholly dependent on China for critical manufacturing.
But while COVID-19 may have fully exposed many of its defects, the system has been failing Americans for some time now.
Over the past few decades, the essentials of a middle-class life - like housing, childcare, and education have become astronomically expensive.
At the same time, wages of U.S. workers relative to these essentials have fallen far behind, requiring American families to rely on two incomes or more just to get by.
America has also lost its once seemingly insurmountable lead in critical technologies.
This includes foundational technologies like semiconductors, which the U.S. invented and for decades was the market leader.
But is now largely dependent upon Taiwan for — a tiny island nation oceans away that China claims as its own.
Speaking of China, the current system turbocharged its rise, turning it almost overnight into America’s greatest adversary since the Soviet Union.
China now wages a New Cold War against America for global supremacy; it does so using U.S. technology and know-how, fueled by decades of U.S. investment.
The system is thus not only deficient but also a colossal strategic liability and threat to national security.
President Trump was one of the very first to rightly diagnose these problems and to take concrete actions to correct them under his America First agenda.
For example, by bucking prevailing free trade economic orthodoxy and bringing back tariffs and trade protections to rebalance the scales in America’s favor, defend U.S. industries and workers, and boost domestic manufacturing.
And though many U.S. economists and politicians saw this as economic heresy at the time and even denounced it as anti-American, it was exactly the opposite.
Indeed, protectionism and economic nationalism are as American as apple pie and Thanksgiving, with the Founding Fathers themselves ardent champions of both.
In fact, they are what allowed America to grow powerful in the first place and it is the rejection of this great American economic tradition in favor of globalization and neoliberalism that has caused the problems the nation faces today.
Further, to win the New Cold War America must eliminate economic vulnerabilities.
This includes restricting U.S. investment into China, rebuilding the U.S. industrial and innovation base, and decoupling supply chains from China.
None of these will be accomplished merely through reliance on the “free market.” But will instead require active government intervention and a new strategic national industrial policy.
This again is something that the America’s Founders—who practically invented the concept of industrial policy — would have appreciated.
The right is now coming to recognize this as well and is moving further away from its slavish devotion to unfettered free markets and trade.
Indeed, what Trump started has very much continued, with influential new think tanks like American Compass actively pushing the right in this direction, and already boasts a prominent membership including Sens. Marco Rubio, R-Fla., Tom Cotton, R-Ark., Josh Hawley, R-Mo., and J.D. Vance, R-Ohio — among others.
And though in the past the right has strongly supported capitalism and big business; these are no longer your father’s corporations.
Today, many U.S. corporations hardly even think of themselves as American companies, but instead as multinational citizens of the world, with little loyalty to their home nation or its people.
As such, they are perfectly happy to outsource American jobs, help China rise at America’s expense, and do all manner of things detrimental to U.S. domestic and national interests, so long as it serves their own bottom lines.
Additionally, today’s corporations have controversial political and social agendas which they actively seek to advance through Woke Capitalism with E.S.G., D.E.I., and the like.
This has prompted many on the right to reconsider past corporate allegiances and even Gov. Ron DeSantis, R-Fla., to rediscover their inner Teddy Roosevelts.
The right has also begun contemplating more fundamental philosophical questions, like what is an economy truly for, and who is it intended to benefit?
If the economy does not serve the national interest, then what is the point of it?
Are we a nation with an economy, or has it become the other way around?
This debate is both necessary and long overdue.
Certainly, capitalism has been successful, and America should not throw the free enterprise baby out with the bathwater.
But what is required now is a "patriotic capitalism," one that firmly puts the nation and American families above that of selfish commercial interests.
The Founders that built America understood this.
The right is finally beginning to again as well.
Lee Steinhauer is a strategic policy and political consultant known for his book "The Art of The New Cold War: America vs China. What America Must Do to Win." Lee is a frequent guest on Fox, Fox Business, Newsmax, and a published policy and opinion writer for numerous media publications. Read Lee Steinhauer's Reports — More Here.
© 2025 Newsmax. All rights reserved.