The Spectre of State Capitalism
The Spectre of State Capitalism
Assistant Professor in the Political Economy of Development
Adam Smith Chair in Sustainable Capitalism
Cite
Abstract
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.
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Front Matter
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1
State Capitalism(s) Redux?
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2
Theories, Tensions, Controversies
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3
The Problématique of State Capitalism
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4
Rooting State Capitalism in the Churn of Uneven Development
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5
State Capitalism Begets State Capitalism: On Combination and Political Multiplicity
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6
Expropriation of Capitalist by State Capitalist: Centralizing Capital as State Property
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7
The Rhetorical Weaponization of the New State Capitalism
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8
Liberal Anxieties and Ideological Adjustment in Global Development
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9
Conclusion: A Spectre Haunting Capitalism?
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End Matter
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