Milton Friedman famously wrote that business has only one social responsibility: “to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.” So, then, the task of business is creating market-relevant value through competitive capitalism.

Or as economist Timothy Taylor puts it: “Capitalism for growth, government for fairness.” Not that business smarts are irrelevant when thinking about how government should operate. Private-sector experience can provide valuable insights into the real-world trade-offs of government action. And it can provide ideas and guidelines about how to better shape public policy to provide a healthy ecology for innovation and creative disruption.

So what about the business experience of Donald Trump? What has it taught him about the intersection of government and business in the context of the broader global economy? One answer is that it has led Trump to mistake crony capitalism for competitive capitalism. But it also appears to have failed to provide him with crucial nuts-and-bolts knowledge about how modern capitalism works in practice.