My neologism-du-jour is “enstatification”. It’s what is happening in MAGA America with Trump’s Gaucho-style swaggering into the economy and his reversal to autarky and a back-to-the-future Monroe Doctrine. With the growth of a 19th-century style state power, America is trying to become the new China. Meanwhile, as Keith Teare notes in his latest That Was The Week newsletter, China is the new America in its embrace of technological innovation, particularly its trebling down on clean energy. That’s why the “Too Big To Fail” debate about OpenAI is so heavily laced in irony. It’s not just Sam Altman’s chutzpah in trying to simultaneously become the punter and the house in his multi-trillion-dollar bet on ChatGPT. But it might actually reflect the new realities of second-quarter 21st-century America. We’ve been wondering for a while now what comes after neo-liberalism. In a neologism: enstatification.
* China Has Already Won the Clean Energy Race—And That Changes Everything Keith Teare confirms what The Economist reported: China’s clean energy capacity dwarfs America’s by a decade or more. This isn’t just about being green—it’s about controlling the energy infrastructure that AI requires. China is becoming the 21st century’s combination of America and Saudi Arabia.
* Jensen Huang’s Verdict: China Will Win the AI Race Because It Deregulates While America Bureaucratizes The NVIDIA CEO’s provocative claim isn’t just marketing—it reflects a real competitive advantage. While four Democratic states pursue AI regulation at the state level, Beijing is loosening regulations and slashing energy costs for data centers. Democracy’s decentralization may be its Achilles heel in rapid technological competition.
* OpenAI’s “Too Big to Fail” Status Reveals the New Age of Enstatification Despite David Sacks’ denials, OpenAI’s strategic importance means it effectively cannot be allowed to fail—not because of systemic financial risk like 2008, but because of national competitiveness concerns. This isn’t neoliberalism anymore; it’s America’s version of state capitalism.
* The Real Convergence Isn’t US vs China—It’s Both Nations Embracing State-Directed Economies Trump’s Intel investment, Sacks and Andreessen’s push for centralized AI policy, and China’s directed innovation represent a global trend toward what Keith calls state involvement in “procuring and distributing wealth.” Alibaba and Google, Huawei and NVIDIA—they’re becoming more alike than different.
* Keith Teare’s Optimism: “Everyone Will Win” in the AI Economy—But Some Pigs Are More Equal: Keith argues this isn’t a zero-sum race with winners and losers, but a rising tide lifting all boats through reciprocity. America and China will both capture massive value from AI’s potential $26 trillion GDP boost by 2035. I remain skeptical: history suggests great power competitions don’t end in shared prosperity.
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