How Trump is changing the face of American capitalism

A widely respected economist who predicted the rise of Donald Trump as early as 2011 believes that by the time Trump's time in the White House is over, the face of American capitalism may be fundamentally altered forever.

Speaking to Business Insider in October, Luigi Zingales, a professor of entrepreneurship and finance at Chicago Booth Business School whose work focuses on crony capitalism, said that Trump's willingness to appoint friends and allies to positions of power, particularly in the judiciary, has the potential to entirely shift how American politics functions.

Zingales, an Italian, has frequently compared Trump with four-time Italian Prime Minister Silvio Berlusconi, says what is likely to happen if Trump continues along that path is similar to what occurs in his native land -- politicians of all stripes trying to influence people in positions that are meant to be free from political interference like judges and central bank governors.

In Italy, Zingales says, the probability senior members of the judiciary being leaned on by politicians prior to making important rulings is "100%."

In the USA, such attempts would be considered highly unusual, but President Trump's outspoken criticism of both the Mueller probe and the activities of the Federal Reserve under Chairman Jerome Powell is beginning to normalize such behavior.
"If I expect that the other side is going to try to get to the judge [and influence his decision], I will also try to get to the judge," he said.

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