A Golden Share Will Not Make America Great Again
Japanese company Nippon Steel’s plan to purchase US Steel was bound to provoke a strong reaction from left- and right-wing economic nationalists. After all, US Steel was once the world’s largest company, and it was the first company to be valued at over a billion dollars. US Steel was thus a symbol of America’s economic dominance. So it was not surprising that Nippon Steel’s purchase of US Steel was blocked by both the Biden and Trump administrations. This was disappointing — especially since Nippon Steel planned to invest billions in modernizing US Steel’s facilities.
Last week, President Trump praised the deal with some added conditions. One major condition is that the US government will receive a “golden share” in US Steel. This will enable the government to overrule any business decision made by the company’s management if the government determines the business decision threatens “national security.” This power could be used to prevent US Steel from exporting steel to certain countries, as well as to require US Steel to prioritize production for the military and other gove
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
