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State capitalism
Ownership or control of an economy by a government
State capitalism
State capitalism is an economic system in which the state undertakes business and commercial economic activity and where the means of production are nationalized as state-owned enterprises (including the processes of capital accumulation, centralized management and wage labor). The definition can also include the state dominance of corporatized government agencies (agencies organized using business-management practices) or of public companies (such as publicly listed corporations) in which the state has controlling shares. The term has been used as a pejorative by Marxists, liberals and neoliberals. However, it has also served as a programmatic label for developmentalist and neomercantilist projects in reaction to imperialism. A state-capitalist country is one where the government controls the economy and essentially acts as a single huge corporation, extracting surplus value from the workforce in order to invest it in further production. This designation applies regardless of the political...
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