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Capitalism. State capitalism is an economic system in which the state undertakes business and commercial (i.e., for-profit) economic activity and where the means of production are nationalized as state-owned enterprises (including the processes of capital accumulation, centralized management and wage labor). The definition can also include the ...
Oct 29, 2019 · Capitalist State. A country that behaves as a single profit-seeking company whereby the government acts to secure corporate interests and is heavily involved in the direction and control of large firms that dominate the economy. For example, Japan is often referred to as "Japan Incorporated" due to the close ties between government and large ...
- Oligarchic Capitalism
- State-Guided Capitalism
- Corporate Capitalism
- Entrepreneurial Capitalism
- Laissez-Faire Capitalism
- Welfare State Capitalism
Under oligarchic capitalism, a small group of elite capitalists (the oligarchs) have taken over not only the economic system but also the political system. The term oligarchyrefers to the ‘power of the few’, coming from the Greek language. It is the opposite of democracy, which is the ‘rule of the many’. The oligarchs may be corrupt and will, in an...
Unlike oligarchic capitalism where the economy is controlled by a few private individuals for their private benefit, under state-guided capitalism the economy is mostly controlled by the state (the government). State control may be either for the benefit of the country when a democratic government has decided that it needs to intervene in the econo...
Corporate capitalism refers to an economic system where big companies (corporations) have a controlling position on the market. It is usually achieved through neoliberal policies. Unlike state-guided capitalism, private interests have the most power, but unlike in oligarchic capitalism, these interests are institutional (run by legitimate companies...
Entrepreneurial capitalism is based on the work of free market entrepreneurs. These will typically be small-scale businesses, perhaps composed of just one owner and a few employees. When a capitalist system is dominated by a multitude of small businesses decreases chances of one company gaining unfair advantage (such as a monopoly). On the other ha...
Laissez-faire (French for “let do”) capitalism is based on letting people do as much as they want, with minimal interference from the state. It is the complete absence of state intervention in the market. The justification for this system is that it is the purest formof a free market. This, however, assumes that free markets emerge naturally withou...
The government plays a major role in welfare state capitalism. Unlike in state-guided capitalism, welfare state capitalism is based on using the state to redistribute some of the resources of the economy. These resources usually include money, with people receiving unemployment benefits or support for raising children. It may, however, also include...
Jan 26, 2021 · The world currently knows two prevailing and competing economic systems: shareholder capitalism, which is dominant in many Western economies, and state capitalism, which is prominent in many emerging markets. Both systems have led to tremendous economic progress over the past few decades. They left us with a world that is more prosperous than ...
Feb 7, 2022 · capitalism (Wood & Wright, 2015). As we show below, there is no consensus on the basic dimensions for state capitalism; however, definitions of state capitalism often set out 1) the purpose of the ...
State Capitalism. In subject area: Social Sciences. State capitalism is an economic system where the state utilizes and controls the free-market to safeguard its political regime by leading economic activities. It involves dominating resource allocation and market systems through tools like national oil companies, sovereign wealth funds, state ...
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The recent rise of companies from emerging markets, especially China, has led to a slew of studies based on the concept of “state capitalism.” However, definitions of this term vary significantly. We review how various leading authors use the term state capitalism to draw out differences between, and similarities within, those ...
