U.S. Steel and the Ubiquitous ‘Market Failure’

It’s preposterous to blame capitalism for problems in an industry that profits from so much protectionism.

Dear Capitolisters,

Last week, U.S. Steel announced that it was canceling a $1.3 billion upgrade to its Mon Valley Works plant in Pittsburgh, Pennsylvania—a project that was widely praised at the time of announcement in May 2019 as proof that President Trump’s steel tariffs were “working.” (Trump himself tweeted

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