(posted to FB by Cedric Bedaitsch.)

... In my view, Trump represented a fraction of American capital that had it's base in capitalists whose primary source of accumulation lay in the domestic market: this included small businesses as well as larger real estate enterprises, developers, hospitality operators, retailers, residual manufacturers for local consumption - but mainly in the commercial / trading sectors.

And yet, the Trump accumulation 'strategy' was most empowering to:

* Wall Street

* the Military-Industrial Complex

* the fossil fuel majors

And the anticipated infrastructure program didn't happen so 'developer' capitalists, real estate and those seeking a Chinese(2009-13)-style building boom were surely disappointed.

Also, the commercial/mercantile elites were probably most disappointed insofar as trade/GDP ratios had been falling across the world since peaking in 2007, and that continued from 2017-19, in part because of Trumpian excesses in trade disputes and his paralyzing of the WTO.