ITIF：2026年动员进行技术经济战争，第三部分：将金融资本主义转变为国家权力资本主义报告（英文版）

The single most important policy area in the U.S. techno-economic trade war with China is influencing how firms make investment decisions. Policymakers must shift the balance between earnings that firms reinvest and profits that go to shareholders.

Since the early Republic, the capitalist investment system has evolved through four stages, culminating in today’s system of financial capitalism, which privileges short-term shareholder interests over long-term enterprise and national power