When Mitt Romney visited the shuttered headquarters of Solyndra in 2012, he lambasted the Obama administration for "meddling" in the private sector and rewarding "friends" over the free market. But in the Trump era, the lines between business and government have become hopelessly blurred.

What this really means is that Trump has radically departed from traditional Republican orthodoxy on the role of government in the economy. Rather than letting the "invisible hand" of the free market decide winners and losers, Trump has directly intervened to prop up some industries and punish others - often in ways that seem to benefit his own financial interests.

A New Era of "Crony Capitalism"

From taking ownership stakes in corporations to negotiating a cut of their overseas revenue, Trump has blurred the lines between the public and private sectors in unprecedented ways. Economists are struggling to define this new model, with terms like "state capitalism" and "crony capitalism" being thrown around.

The bigger picture here is that Trump's actions represent a fundamental challenge to the principles of free market capitalism that have underpinned the U.S. economy for generations. As Jeffrey Sonnenfeld writes in TIME, Trump has frequently targeted individual businesses and CEOs for personal or political reasons, undermining the impartiality of the market.

Lasting Damage to the U.S. Economy?

While Trump may have scored some short-term political points with his interventionist approach, there are serious concerns about the long-term consequences. As NPR's Maria Aspan notes, this type of "crony capitalism" could discourage innovation and healthy competition, ultimately harming the broader economy.

The ramifications may extend beyond U.S. borders as well. Trump's willingness to flout international trade rules and strong-arm American companies has rattled global markets and damaged America's standing as a bastion of free market capitalism. As recent economic data shows, the Trump era has already taken a toll on growth.

The future of American capitalism hangs in the balance. While Trump's populist base may cheer his interventions, the long-term costs to the economy could be severe if this trend continues.