The Return of State Capitalism

Abstract

After the Soviet collapse, the dynamism and market power of the United States, Japan, and Western Europe established the dominance of a liberal economic mode fuelled by private wealth, private investment and private enterprise. Yet, over the past several years, public wealth, public investment, and public enterprise have made a remarkable comeback. An era of state capitalism has dawned, the natural by-product of a global economy which will increasingly depend for most of its growth on China, the Persian Gulf states, and other emerging market countries, many of which are predisposed toward statist models of economic development. This trend is generating plenty of anxiety, particularly among American and European policymakers, who fear that the growth of national oil companies, state‐owned enterprises and sovereign wealth funds threatens their countries’ economic well‐being and national security.

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