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.
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.