MARKET STRUCTURE & GEOECONOMICS How subsidized inputs, disguised capital, and quiet consolidation are reshaping U.S. markets from the inside — and what that means for policy, prices, and portfolios. Academic Blog · Economic Analysis Series · July 2026 A note on terminology “The Trojan Economy” is used here as an analytical metaphor, not as the name of a formal school of economic thought or a Bloomberg Economics publication. It borrows its name loosely from the same root as Trojan Economics, a Cyprus-based competition-economics advisory founded in 2013, whose core insight — that market outcomes are shaped less by headline size and more by rules, incentives, and barriers to entry — is the analytical lens applied throughout this piece to U.S. market data.   1. Introduction: A Horse Inside the Gates Markets rarely fall to frontal assault. More often, they are entered quietly — through a subsidized input, a permitted merge...