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State Capitalism Revisited: A Review of Emergent Forms and Developments

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  • Wilfred Dolfsma
  • Anna Grosman

Abstract

Even when the neoliberal ideology of the free market was more dominant than it now is, the state was involved in economic activities that could be undertaken by private firms. State capitalism takes increasingly diverse forms, including beyond direct, partial or even indirect ownership. This paper briefly reviews some of these forms without claiming to be exhaustive as the shape state capitalism takes differs widely across the institutionalized contexts of countries. We assess state capitalism using Polanyi’s double movement framework and argue that this framework needs adaptation to novel forms of state capitalism that include, e.g., state-owned multinationals and sovereign wealth funds.

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  • Wilfred Dolfsma & Anna Grosman, 2019. "State Capitalism Revisited: A Review of Emergent Forms and Developments," Journal of Economic Issues, Taylor & Francis Journals, vol. 53(2), pages 579-586, April.
    • Handle: RePEc:mes:jeciss:v:53:y:2019:i:2:p:579-586
    DOI: 10.1080/00213624.2019.1606653
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    Cited by:

    1. Sallai, Dorottya & Schnyder, Gerhard, 2020. "What is “authoritarian” about authoritarian capitalism? The dual erosion of the private-public divide in state-dominated business systems," LSE Research Online Documents on Economics 102943, London School of Economics and Political Science, LSE Library.
    2. Matthew M. C. Allen & Geoffrey Wood & Mehmet Demirbag, 2022. "Developing theoretically informed typologies in international business: Why we need them, and how to do it," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(9), pages 2133-2146, December.
    3. Ricz, Judit & Sallai, Dorottya & Sass, Magdolna, 2023. "The role of the state in shaping the internationalization of firms in the twenty-first century," LSE Research Online Documents on Economics 121380, London School of Economics and Political Science, LSE Library.
    4. Kyung Hwan Yun & Jiatao Li & Chenguang Hu, 2024. "State dominance over the market: Reexamining the survival of China’s state-owned enterprises," Asia Pacific Journal of Management, Springer, vol. 41(1), pages 437-474, March.
    5. Cuervo-Cazurra, Alvaro & Li, Cheng, 2021. "State ownership and internationalization: The advantage and disadvantage of stateness," Journal of World Business, Elsevier, vol. 56(1).

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