There is a bit of a debate about what to call the American economic system these days, but I think we should all agree it's not a capitalist one. It's not one that Adam Smith would look at, approve, and say oh yeah baby that's exactly what I was writing about in Wealth of Nations.

It looks a lot closer to the economic policies of the most successful fascist regimes - the best term for modern American economics might be "democratic fascist." There is a facade of a market economy, but there's heavy intervention to privilege not just domestic businesses, but a specific set of big ones that have close ties to the ruling party. This is not much different from how Hitler and Mussolini approached economic policy. Basically have your system revolve around private ownership, pretend to have a market economy but actually make very centralized decisions and execute them through a small number of private oligarchs you're buddies with. The uniquely American flavor is that there are two parties which do this instead of one (but three would be unimaginable), and you can choose which pack of bandits you signal loyalty to without being executed.