State capitalism

An economic system in which the state owns or directs major businesses while they operate through market exchange. It combines public control of economic assets with commercial production and trade.

State-owned enterprise: A business in which a government owns all or a controlling share of the company. State capitalism often channels production and investment through firms the government owns.
China's socialist market economy: China's officially named economic system, combining Communist Party leadership, state ownership, and market activity. It is a prominent contemporary case of state direction operating through extensive markets.
Friedrich Pollock: A German social scientist associated with the Frankfurt School and an early analysis of state capitalism. His 1941 essay examined whether state power had displaced market capitalism's older forms.
Rent-seeking: Efforts to gain economic advantage through political influence rather than productive activity. Close ties between officials and firms can reward access over efficiency.
Sovereign wealth fund: A state-owned investment fund that manages public assets, often across domestic and international markets. These funds let governments act as major commercial investors without directly running every company.
Singaporean model: Singapore's economic model, combining open markets with significant state ownership and coordinated public investment. Government-linked companies and investment institutions make Singapore a distinctive market-based case.
State capitalism (Marxist theory): A Marxist interpretation of systems where the state acts as collective capitalist and wage labor remains subordinate. This tradition applies the label to systems often described as socialist, not only market economies with state firms.
Soft budget constraint: A condition in which an organization expects financial losses to be covered by outside support. State firms may continue operating despite losses when government support is expected.
Industrial policy: Government measures that shape the structure or development of an economy's industries. States use targeted support and regulation to steer private as well as public firms.
Norwegian state ownership: The Norwegian government's ownership of companies and financial assets alongside a predominantly market-based economy. It shows state ownership can coexist with competitive markets and democratic institutions.

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