Is America still capitalist?

Today, Explained

President Trump is threatening CEOs, nationalizing the steel industry, and demanding a cut of Nvidia's profits. There's a term for all that — and it's not "free-market."

This episode was produced by Miles Bryan, edited by Jolie Myers, fact-checked by Laura Bullard, engineered by Andrea Kristinsdottir and Patrick Boyd, and hosted by Noel King.

Listen to Today, Explained ad-free by becoming a Vox Member: vox.com/members. Transcript at vox.com/today-explained-podcast.

President Trump addressing steelworkers at the US Steel Corporation Irvin Works facility in West Mifflin, PA. Photo by Rebecca Droke/Bloomberg via Getty Images.

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President Trump is threatening CEOs, nationalizing the steel industry, and demanding a cut of Nvidia's profits. There's a term for all that — and it's not "free-market."

This episode was produced by Miles Bryan, edited by Jolie Myers, fact-checked by Laura Bullard, engineered by Andrea Kristinsdottir and Patrick Boyd, and hosted by Noel King.

Listen to Today, Explained ad-free by becoming a Vox Member: vox.com/members. Transcript at vox.com/today-explained-podcast.

President Trump addressing steelworkers at the US Steel Corporation Irvin Works facility in West Mifflin, PA. Photo by Rebecca Droke/Bloomberg via Getty Images.

Learn more about your ad choices. Visit podcastchoices.com/adchoices

2025-08-19 25 min

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