The Spectre of State Capitalism

Bibliographic Data

ID23398289
AuthorsIlias Alami (0000-0002-8737-3306, University of Cambridge), Adam D Dixon (0000-0001-6175-906X, Edinburgh Business School, Heriot-Watt University ,)
Year2024
Publication date2024-07-25
Open AccessYes
TypeBOOK
VenueThe Spectre of State Capitalism (SOURCE_BOOK)
PublisherOxford University PressOxford (PUBLISHER)
DOI10.1093/9780198925224.001.0001
OpenAlexW4400079935
ISBN9780198925224
LanguageEN
Citations received69
References cited382

The state is back, and it means business. Since the turn of the twenty-first century, state-owned enterprises, sovereign funds, and policy banks have vastly expanded their control over assets and markets. Concurrently, governments have experimented with increasingly assertive modalities of statism, from techno-industrial policies and spatial development strategies to economic nationalism and trade and investment restrictions. This book argues that we are currently witnessing a historic arc in the trajectories of state intervention, characterized by a drastic reconfiguration of the state’s role as promoter, supervisor, shareholder-investor, and direct owner of capital across the world economy. It offers a comprehensive analysis of this ‘new state capitalism’, as commentators increasingly refer to it. It maps out its key empirical manifestations across a range of geographies, cases, and issue areas. The book shows that the new state capitalism is rooted in deep geopolitical economic and financial processes pertaining to the secular development of global capitalism, as much as it is the product of the geoeconomic agency of states and the global corporate strategies of leading firms. The book demonstrates that the proliferation of muscular modalities of statist interventionism and the increasing concentration of capital in the hands of states indicate foundational shifts in global capitalism. This includes a growing fusion of private and state capital and the development of flexible and liquid forms of property that collapse the distinction between state and private ownership, control, and management. This has fundamental implications for the nature and operations of global capitalism and world politics.

Capitalism · Economics · Political science · Programming language · State (computer science) · State capitalism · Computer Science · Housing, Finance, and Neoliberalism · Law · Political and Economic history of UK and US · State Capitalism and Financial Governance