Political economy and globalization - Varieties of capitalism - State capitalism
8 important questions on Political economy and globalization - Varieties of capitalism - State capitalism
What does state capitalism (authoritarian capitalism) refer to?
Often non-liberal capitalist societies.
What is the difference between 'liberal market economies' and 'coordinated market economies'?
-Coordinated market economies: depend heavily on non-market arrangements. --> adopted by East and Southeast Asian 'tigers'.
What is the distinctive character of state capitalism?
This allows the economy to be directed not by an impersonal price mechanism, but through 'relational markets'.
-Firms provide the social core of life. Workers are 'members' of firms. In return for their loyalty and hard work , have traditionally expected lifetime employment, pensions etc.
-Stress is placed on teamwork and the building of a collective identity.
- The state has played a vital role in 'guiding' investment, research and trading decisions.
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What are the downsides of state capitalism?
- Contradiction between economic liberalism and non-liberal political arrangements, as authoritarianism may either become a fetter on enterprise and innovation, or it may generate resentment and demands for political freedom that make such systems unsustainable.
What is an example which shows how state capitalism can help but also cause a slowdown of the economy?
But causing an economic slowdown in the 1990s and the 1997 Asian financial crisis.
What has helped China in delivering sustained economic growth?
What has been the key aspect of Putin's economic strategy and what is the chief weakness of Russian state capitalism?
Weakness: its failure to sufficiently diversify the economy. Russia's economic aspects are closely linked to the price, in particular, of oil and natural gas as determined by global markets.
When can state capitalism constitute a viable alternative to Western-based capitalist models?
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