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Role of the State in Economy and State Capitalism. The Case of Singapore
[Role státu v ekonomice a státní kapitalismus. Případ Singapuru]

Author

Listed:
  • Martina Jiránková
  • Pavel Žamberský

Abstract

The article deals with problems of state capitalism. It can be defined as maximisation of political control over economy and society and it is used as the characteristics of systems which exist in China, Russia, Brazil, United Arab Emirates, etc. State capitalism used to be effective in early periods of development when resources had to be concentrated. Corporations under state ownership are also able to compete on global markets and take advantage of their size and political support. Singapore represents an original connection of economic freedom and authoritarian capitalism. It is based on a free-market foreign-oriented economy which stresses financial market development, infrastructure, education, macroeconomic surroundings and fiscal management. The state as an owner and creator of the institutional framework plays an important role.

Suggested Citation

  • Martina Jiránková & Pavel Žamberský, 2014. "Role of the State in Economy and State Capitalism. The Case of Singapore [Role státu v ekonomice a státní kapitalismus. Případ Singapuru]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2014(2), pages 17-32.
    • Handle: RePEc:prg:jnlaop:v:2014:y:2014:i:2:id:429:p:17-32
    DOI: 10.18267/j.aop.429
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    References listed on IDEAS

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    1. André Sapir, 2006. "Globalization and the Reform of European Social Models," Journal of Common Market Studies, Wiley Blackwell, vol. 44(2), pages 369-390, June.
    2. Alwyn Young, 1993. "Lessons from the East Asian NICs: A Contrarian View," NBER Working Papers 4482, National Bureau of Economic Research, Inc.
    3. Alwyn Young, 1994. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," NBER Working Papers 4680, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    state capitalism; developmental state; Singapore; sovereign wealth fund; government-linked corporations;
    All these keywords.

    JEL classification:

    • P12 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Enterprises
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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