STATE CAPITALISM: A Comparative And Historical Outlook

ABSTRACT

States and capitalisms have coevolved and formed contrasted configurations from feudalism to contemporary configurations. Under the same label of state capitalism, economic history exhibits some definite mixes of various components economic nationalism, public ownership of firms and banks, planning or large public spending, and income redistribution. The French state capitalism variant is one of these configurations. The coordination among public entities from industry to finance, an indicative planning as an anti-uncertainty device and complementary economic policy instruments used to define a rather coherent and dynamic regime. The large opening to European and world competition and the financial deregulation have progressively eroded the performance of this successful modernization. The early twenty-first century evolution raises an intriguing issue are not the nation-states and the transnational platform capitalism trading place? Governments react to price signals whereas GAFAM exert the strategic leadership in the redeployment of contemporary capitalism. Will the COVID-19 mean a reversal and the revival of various brands of state capitalism? © Oxford University Press 2022.