I have often heard the term “state capitalism” being used by Western academics to refer to AES states like China or Vietnam. Lenin also uses the term a lot in The Tax in Kind and distinguishes it from true socialism.
I have often heard the term “state capitalism” being used by Western academics to refer to AES states like China or Vietnam. Lenin also uses the term a lot in The Tax in Kind and distinguishes it from true socialism.
Another source from PIIE in January of this year has the private sector declining from 55 percent in mid-2021 to 33 percent in late-2024, with a small uptick back to 34% at the end of the year. Public sector ownership over that same time period went from 31 percent to 51 percent.
Honestly, i don’t see how the percentage of state owned vs privately owned matters. As long as the banks are state owned, everything else could be privately owned really. Tho it’s certainly better to have nationally estrategic industries being state owned. Many capitalist countries hold a large amount of SOE, and it doesn’t make them any less capitalist since capitalists hold the political power.
its important that banks and other financial institutions are state owned because it effectively means that the state controls the savings of all society and gets to decide on what to invest these savings, which in the case of China it’s clear that it is invested in national development.
It’s a way to measure socialist development post-revolution.
State capitalism is an example of an early stage of development, where they need to attract foreign capital in addition to just using domestic banks to fund development. Once that’s no longer necessary because they have built up their domestic capacity they can start to phase it out entirely and public companies/public investment can replace private and foreign capital.
This one also doesn’t seem to include township village enterprises (TVE) which is probably 10-15% of economy