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This page is about a variant of capitalism. For the concept of the functions of the state under capitalism, see Capitalist state.
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State capitalism is an economic system where the state directly engages in or guides the process of capital accumulation, where the fundamental elements and institutions of capitalism – the accumulation of capital, wage labor, centralized management, and an economy driven by profit-maximization – continues to exist. This can take the form of the state undertaking business and commercial economic activity through state-owned enterprises, or guiding the development of markets and industries through indicative planning and industrial policies.[1][2] There is no unified definition of "state capitalism", which refers to a wide array of different practices. The term has been applied to liberal market economies with high concentrations of state-owned enterprises such as Singapore and Norway, to state-guided market economies that incorporate industrial policies, and to the Soviet-type command economies.

Performs role as entrepreneur or investor Modern state capitalism as alternative to western liberal capitalism

OLD[edit]

State capitalism is an economic system in which the state undertakes business and commercial economic activity (i.e. for-profit) and where the means of production are organized and managed as state-owned enterprises (including the processes of capital accumulation, centralized management and wage labor), or where there is otherwise a dominance of corporatized government agencies (agencies organized along business-management practices) or of public companies such as publicly listed corporations in which the state has controlling shares.[3] Marxist literature defines state capitalism as a social system combining capitalism with ownership or control by a state. By this definition, a state capitalist country is one where the government controls the economy and essentially acts like a single huge corporation, extracting the surplus value from the workforce in order to invest it in further production.[4] This designation applies, in the opinion of some Marxists, regardless of the political aims of the state (even if the state is nominally socialist).[5] Many scholars argue that the economy of the Soviet Union and of the Eastern Bloc countries modeled after it, including Maoist China, were state capitalist systems. They also argue that the current economy of China constitutes a form of state capitalism.[5][6][7][8][9][10][11]

State capitalism is used by various authors in reference to a private capitalist economy controlled by a state, i.e. a private economy that is subject to economic planning and interventionism. It has also been used to describe the controlled economies of the Great Powers during World War I.[12] Alternatively, state capitalism may refer to an economic system where the means of production are privately owned, but the state has considerable control over the allocation of credit and investment.[13] This was the case of Western European countries during the post-war consensus and of France during the period of dirigisme after World War II.[14] Other examples include Hungary under Viktor Orbán, Russia under Vladimir Putin, Singapore under Lee Kuan Yew[15][16][17][18] and Turkey under Recep Tayyip Erdoğan as well as military dictatorships during the Cold War and fascist regimes such as Nazi Germany.[19][20][21][22]

State capitalism has also come to be used sometimes interchangeably with state monopoly capitalism to describe a system where the state intervenes in the economy to protect and advance the interests of big business and large-scale businesses. Noam Chomsky, a libertarian socialist, applies the term 'state capitalism' to the economy of the United States, where large enterprises that are deemed "too big to fail" receive publicly funded government bailouts that mitigate the firms' assumption of risk and undermine market laws, and where private production is largely funded by the state at public expense, but private owners reap the profits.[23][24][25] This practice is in contrast with the ideals of both socialism and laissez-faire capitalism.[26]

There are various theories and critiques of state capitalism, some of which existed before the October Revolution. The common themes among them identify that the workers do not meaningfully control the means of production and that capitalist social relations and production for profit still occur within state capitalism, fundamentally retaining the capitalist mode of production. In Socialism: Utopian and Scientific (1880), Friedrich Engels argued that state ownership does not do away with capitalism by itself, but rather would be the final stage of capitalism, consisting of ownership and management of large-scale production and communication by the bourgeois state. He argued that the tools for ending capitalism are found in state capitalism.[27] In Imperialism, the Highest Stage of Capitalism (1916), Lenin claimed that World War I had transformed laissez-faire capitalism into the monopolist state capitalism.[28]

References[edit]

  1. ^ Williams, Raymond (1985) [1976]. "Capitalism". Keywords: A Vocabulary of Culture and Society. Oxford paperbacks (revisd ed.). New York: Oxford University Press. p. 52. ISBN 9780195204698. Retrieved 26 June 2020 – via Google Books. A new phrase, state-capitalism, has been widely used in mC20, with precedents from eC20, to describe forms of state ownership in which the original conditions of the definition – centralized ownership of the means of production, leading to a system of wage-labour – have not really changed.
  2. ^ Buick, Adam; Crump, John (1986). State Capitalism: The Wages System under New Management. Oxford paperbacks. New York: Palgrave Macmillian. p. 20-21. ISBN 978-0333367766. Private capitalism is characterized by those who organize and benefit from the accumulation of capital having legal property titles to the capital unit they control and so the legal right both to manage it and to acquired, in the form of a legal property income (profit, interest, dividend), the surplus value arising from its self-expansion. In state capitalism, on the other hand, the accumulation of capital is no longer organized by private capitalists or their hired managers but by officials of the state and their hired managers…Even if legal property rights are abolished, capitalism continues to exist as long as the economic mechanism of the accumulation of capital via profits realized on a market continues to operate.
  3. ^ Williams, Raymond (1985) [1976]. "Capitalism". Keywords: A Vocabulary of Culture and Society. Oxford paperbacks (revisd ed.). New York: Oxford University Press. p. 52. ISBN 9780195204698. Retrieved 26 June 2020 – via Google Books. A new phrase, state-capitalism, has been widely used in mC20, with precedents from eC20, to describe forms of state ownership in which the original conditions of the definition – centralized ownership of the means of production, leading to a system of wage-labour – have not really changed.
  4. ^ Dossani, Sameer (10 February 2009). "Chomsky: Understanding the Crisis — Markets, the State and Hypocrisy". Foreign Policy In Focus. Institute for Policy Studies. Archived from the original on 12 October 2009. Retrieved 26 June 2020.
  5. ^ a b Binns, Peter (March 1986). "State Capitalism". Education for Socialists (1). Socialist Party of Great Britain. Retrieved 26 June 2020 – via Marxists Internet Archive.
  6. ^ Howard, M. C.; King, J. E. (2001). "'State Capitalism' in the Soviet Union". History of Economics Review. 34 (1): 110–126. doi:10.1080/10370196.2001.11733360. Retrieved 26 June 2020 via – History of Economic Thought Society of Australia.
  7. ^ Epstein, Gady (31 August 2010). "The Winners And Losers In Chinese Capitalism". Forbes. Retrieved 26 June 2020.
  8. ^ "The rise of state capitalism". The Economist. 21 January 2012. ISSN 0013-0613. Retrieved 26 June 2020.
  9. ^ Ferguson, Niall (9 February 2012). "We're All State Capitalists Now". Foreign Policy. Retrieved 28 October 2015.
  10. ^ Araújo, Heriberto; Cardenal, Juan Pablo (1 June 2013). "China's Economic Empire". The New York Times. ISSN 0362-4331. Retrieved 26 June 2020.
  11. ^ Wolff, Richard D. (27 June 2015). "Socialism Means Abolishing the Distinction Between Bosses and Employees". Truthout. Retrieved 28 October 2015.
  12. ^ Coleman, Janet; Conolly, Willam; Miller, David; Ryan, Alan, eds. (1991). The Blackwell Encyclopaedia of Political Thought (reprinted ed.). Wifey/Blackwell Publishing. ISBN 9780631179443
  13. ^ Bakunin, Mikhail (1971) [1873]. Statism and Anarchy. "Critique of the Marxist Theory of the State". In Dolgoff, Sam, ed. Bakunin on Anarchy: Selected Works by the Activist-Founder of World Anarchism. London: George Allen and Unwin. ISBN 978-0394717838.
  14. ^ Schmidt, Vivien A. (November 2004). "French capitalism transformed, yet still a third variety of capitalism". Economy and Society. 32 (4): 526–554. doi:10.1080/0308514032000141693. S2CID 145716949.
  15. ^ Berger, Mark T. (August 1997). "Singapore's Authoritarian Capitalism: Asian Values, Free Market Illusions, and Political Dependency by Christopher Lingle". "Book Reviews". The Journal of Asian Studies. Cambridge University Press. 56 (3) 853–854. doi:10.1017/S0021911800035129. JSTOR i325583.
  16. ^ Lingle, Christopher; Owens, Amanda J.; Rowley, Charles K., eds. (Summer 1998). "Singapore and Authoritarian Capitalism". The Locke Luminary. I (1).
  17. ^ Budhwar, Pawan S., ed. (2004). Managing Human Resources in Asia-Pacific. Psychology Press. p. 221. ISBN 9780415300063.
  18. ^ Bhasin, Balbir B. (2007). "Fostering Entrepreneurship: Developing a Risktaking Culture in Singapore". New England Journal of Entrepreneurship. 10 (2): 39–50. ISSN 1550-333X. Retrieved 23 April 2020.
  19. ^ Bel, Germà (April 2006). "Against the mainstream: Nazi privatization in 1930s Germany" (PDF). Economic History Review. 63 (1). University of Barcelona: 34–55. doi:10.1111/j.1468-0289.2009.00473.x. hdl:2445/11716. S2CID 154486694. Retrieved 8 July 2020.
  20. ^ Gat, Azar (August 2007). "The Return of Authoritarian Great Powers". Foreign Affairs. 86 (4). Council on Foreign Relations: 59–69. JSTOR 20032415.
  21. ^ Fuchs, Christian (29 June 2017). "The Relevance of Franz L. Neumann's Critical Theory in 2017: Anxiety and Politics in the New Age of Authoritarian Capitalism" (PDF). Media, Culture & Society. 40 (5): 779–791. doi:10.1177/0163443718772147. S2CID 149705789. Retrieved 8 July 2020.
  22. ^ Fuchs, Christian (27 April 2018). "Authoritarian Capitalism, Authoritarian Movements, Authoritarian Communication" (PDF). TripleC. 15 (2): 637–650. doi:10.1177/0163443718772147. S2CID 149705789. Retrieved 8 July 2020.
  23. ^ Chomsky, Noam (18 May 2005). "State and Corp. Noam Chomsky interviewed by uncredited interviewer". Znet Germany. Retrieved 26 June 2020 – via Chomsky.info.
  24. ^ Chomsky, Noam (7 April 2011). The State-Corporate Complex: A Threat to Freedom and Survival (Speech). University of Toronto. Retrieved 26 June 2020 – via Chomsky.info.
  25. ^ Chomsky, Noam; Segantini, Tommaso (22 September 2015). "History Doesn't Go In a Straight Line". Jacobin. Retrieved 26 June 2020.
  26. ^ Johnson, Allan G. (2000). The Blackwell Dictionary of Sociology. Blackwell Publishing. p. 306. ISBN 0-631-21681-2. In 2008, the U.S. National Intelligence Council used the term in Global Trends 2025: A World Transformed to describe the development of China, India and Russia.
  27. ^ Engels, Friedrich (1970) [1880]. Socialism: Utopian and Scientific. "Historical Materialism". Marx/Engels Selected Works. 3. Moscow: Progress Publishers. pp. 95–151 – via Marxists Internet Archive.
  28. ^ Lenin, Vladimir (1963) [1916]. Imperialism, the Highest Stage of Capitalism. "Concentration of Production and Monopolies". Lenin Selected Works. 1. Moscow: Progress Publishers. pp. 667–776. ISBN 9780141192567 – via Marxists Internet Archive.
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