Industry is not the backbone of the US economy. In fact thanks to technology I would feel comfortable comparing manufacturing today with agriculture of the early 1900s. Employment is low and provided the infrastructure is in place supply is plentiful. When you look at the current US economy nearly half the GDP is from government spending and finance.

Furthermore when you look at nearly any sector of the US economy you will find very little real competition instead an oligopoly exists everywhere. Those oligopolies are heavily protected against new competitors with regulations and the high barriers of entry to the markets.

We are not a Fascist nation per se. However every time Tesla is denied the ability to sell their car without a dealership in a State, a city or township is denied the ability to create an ISP we get closer, an elected official accepts a 'campaign donation' before voting on a trade agreement it feels like it.

The major difference today being that corporations have become multinational entities and do not rely on nationalism as much. Also because of the modern finance model the system runs itself and obfuscates the individuals involved making it that much harder to criticize. It is not Henry Ford who is slashing worker wages and preventing innovation in the automobile industry or bribing a lawmaker, it is Ford Motor Company and as a corporation they are expected to push profits and lobby to protect their own interests. It is easy for people to hold Henry Ford accountable as the owner, not so easy to hold Evercore Trust Company (9.5% shares) accountable.

Sorry I got rambly.