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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).
- 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...
Feb 1, 2021 · We discuss the national context and cross-national differences in state capitalism models and propose state capitalism categorizations that capture the heterogeneity in forms and degree of state control over economies.
- Mike Wright, Geoffrey Wood, Aldo Musacchio, Ilya Okhmatovskiy, Anna Grosman, Jonathan P. Doh
- 2021
Sep 30, 2011 · So as the market economies of the West falter, some have asked if “state capitalism,” that mix of market forces and state control, can produce better economic results than the laissez faire...
Feb 7, 2022 · By doing so, we seek to 1) define what 'state capitalism' is (and is not), 2) demonstrate how the dimensions of state capitalism vary and 3) put forward a range of Weberian 'ideal types' of...
Apr 7, 2021 · If the key geopolitical contexts shaping the post‐war Development project were decolonisation and the Cold War, the defining world‐historical transformations shaping the emerging vision of Development are the expansion of state capitalism and the rise of China.
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Oct 14, 2019 · We critically synthesize the key arguments, outlining commonly cited properties and practices of state capitalism, in three bodies of literature: strategic management, comparative capitalism and global political economy.
