The term “state capitalism” has experienced a revival in recent years. Broadly speaking,
“state capitalism” denotes mixed economies in which the state retains a dominant role amidst
the presence of markets and private firms. Although the term has a diverse historical pedigree,1 contemporary analysts have converged on a general definition that highlights the centrality of a capacious and autonomous state in steering economic development through not only targeted ownership stakes, but also a suite of other institutional and financial interventions.2 Tools include preferential access to credit, subsidies, industrial policy guidance, and control over managerial personnel. State influence in the economy is exercised selectively, and typically concentrated in strategic sectors, such as defense, energy, communications, and finance.

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