HEADLINE: US Industrial Policy Criticized as Ad-Hoc State Capitalism GUEST NAME: Veronique de Rugy SUMMARY: Veronique de Rugy analyzes government support for Intel and Nvidia's investment as state capitalism, distinct from cronyism. She critici
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 19 September 2025
⏱️ 10 minutes
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Summary
HEADLINE: US Industrial Policy Criticized as Ad-Hoc State Capitalism
GUEST NAME: Veronique de Rugy
SUMMARY: Veronique de Rugy analyzes government support for Intel and Nvidia's investment as state capitalism, distinct from cronyism. She criticizes government intervention, predicting poor outcomes when businesses operate under political pressure. The Trump administration's industrial policy lacks clear philosophy, creating uncertainty that could "kill investments" through unpredictable, reversible decisions.
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| 0:00.0 | Building a coffee business? |
| 0:01.9 | Serving the best Americano in town is up to you. |
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| 0:25.1 | Thank you. your bestselling blends. Visit sumup.co.uk to learn more. This is CBS Eye on the World. Here's John Batchelor. |
| 0:31.9 | State capitalism. What is it? I welcome Bernicite de Ruggia of the Mercatus Center to help me understand state capitalism and recent in the news you might have seen that the president of the United States agreed in some fashion to help Intel in some fashion. |
| 0:50.5 | Intel is a troubled Silicon Valley company of many years standing that fell on hard times and has not recovered. |
| 0:58.4 | However, the president showed up to take a percentage of Intel into the future, which didn't amount to a lot of excitement until suddenly the news that NVIDIA, which is a $4 trillion winner right now because of AI, |
| 1:13.8 | NVIDIA is also going to invest in Intel. The market reacted warmly. All that is an example of |
| 1:21.1 | what may or may not be state capitalism. However, Veronika, very good evening to you. I believe the |
| 1:27.3 | only examples I could find that make sense, but they don't seem right. |
| 1:32.7 | What the Obama administration did during the Great Recession, they invested in a solar cell company called Cylindra, put a lot of money into it, went bust, the taxpayers got hung up with the results. |
| 1:45.3 | Same for something, an EV company called Fisker. |
| 1:48.3 | Same for a battery company called A123. |
| 1:51.4 | And there was another company, Enterbron. |
| 1:53.2 | A bounce solar? |
| 1:54.8 | Yes, another one. |
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