Key Takeaways -- 1

Introduction -- 3

The Evolution of American Capitalist Investment System -- 4

Market Capitalism: 1788 to the Civil War -- 4

Owner Capitalism: the Civil War to the 1930s -- 4

Managerial Capitalism: 1930s to Late 1970s -- 5

Financial Capitalism: 1980s to the Present -- 6

Divergences Between the Short-Term Profits and National Techno-Economic Power -- 11

Too Much Cash to Owners -- 12

Short-Termism -- 15

High Investment Hurdles -- 16

Too Little Investment in National Power Industries -- 17

Too Much Offshoring -- 18

Too Little Investment by Firms in Production -- 19

Alternatives to Financial Capitalism -- 21

Chinese Party Capitalism -- 22

Coordination Capitalism -- 22

Worker Capitalism -- 22

Toward National Power Capitalism -- 24

Using the Tax Code to Foster National Power Capitalism -- 26

Spurring Private Vehicles to Support National Power Capitalism -- 28

Use the Bully Pulpit -- 28

Redefine Fiduciary Duty for Institutional Funds -- 30

Reduce the Power of Extractive Investors to Press Companies to Disgorge Cash -- 30

Have CFIUS Review Hostile Takeovers in National Power Industries -- 31

Spurring Public Vehicles to Support National Power Capitalism -- 32

Early Stage Capital Investors -- 32

Industrial Development Bank -- 32

Conclusion -- 33

Endnotes -- 35