[PDF] Reinventing State Capitalism eBook

Author : Aldo Musacchio
Publisher : Harvard University Press
Page : 358 pages
File Size : 45,1 MB
Release : 2014-04-22
Category : Business & Economics
ISBN : 0674729684

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The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called "national champions"). Focusing on a detailed quantitative assessment of Brazil's economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance. According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities. Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.

Author : Torben Iversen
Publisher : Princeton University Press
Page : 359 pages
File Size : 12,20 MB
Release : 2020-11-03
Category : Business & Economics
ISBN : 0691210217

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It is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism, in turn explaining rising inequality and mounting populism. This book, written by two of the world's leading political economists, argues this view is wrong: advanced democracies are resilient, and their enduring historical relationship with capitalism has been mutually beneficial. For all the chaos and upheaval over the past century--major wars, economic crises, massive social change, and technological revolutions--Torben Iversen and David Soskice show how democratic states continuously reinvent their economies through massive public investment in research and education, by imposing competitive product markets and cooperation in the workplace, and by securing macroeconomic discipline as the preconditions for innovation and the promotion of the advanced sectors of the economy. Critically, this investment has generated vast numbers of well-paying jobs for the middle classes and their children, focusing the aims of aspirational families, and in turn providing electoral support for parties. Gains at the top have also been shared with the middle (though not the bottom) through a large welfare state. Contrary to the prevailing wisdom on globalization, advanced capitalism is neither footloose nor unconstrained: it thrives under democracy precisely because it cannot subvert it. Populism, inequality, and poverty are indeed great scourges of our time, but these are failures of democracy and must be solved by democracy.

Author : Viktor Mayer-Schönberger
Publisher : Basic Books
Page : 239 pages
File Size : 16,31 MB
Release : 2018-02-27
Category : Business & Economics
ISBN : 0465093698

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From the New York Times bestselling author of Big Data, a prediction for how data will revolutionize the market economy and make cash, banks, and big companies obsolete In modern history, the story of capitalism has been a story of firms and financiers. That's all going to change thanks to the Big Data revolution. As Viktor Mayer-Schörger, bestselling author of Big Data, and Thomas Ramge, who writes for The Economist, show, data is replacing money as the driver of market behavior. Big finance and big companies will be replaced by small groups and individual actors who make markets instead of making things: think Uber instead of Ford, or Airbnb instead of Hyatt. This is the dawn of the era of data capitalism. Will it be an age of prosperity or of calamity? This book provides the indispensable roadmap for securing a better future.

Author : Angus Burgin
Publisher : Harvard University Press
Page : 314 pages
File Size : 41,25 MB
Release : 2012-10-30
Category : History
ISBN : 0674067436

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Just as economists struggle today to justify the free market after the global economic crisis, an earlier generation revisited their worldview after the Great Depression. In this intellectual history of that project, Burgin traces the evolution of postwar economic thought in order to reconsider the most basic assumptions of a market-centered world.

Author : Joshua Kurlantzick
Publisher : Oxford University Press
Page : 297 pages
File Size : 46,48 MB
Release : 2016-03-08
Category : Political Science
ISBN : 0199385718

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The end of the Cold War ushered in an age of American triumphalism best characterized by the "Washington Consensus:" the idea that free markets, democratic institutions, limitations on government involvement in the economy, and the rule of law were the foundations of prosperity and stability. The last fifteen years, starting with the Asian financial crisis, have seen the gradual erosion of that consensus. Many commentators have pointed to the emergence of a powerful new rival model: state capitalism. In state capitalist regimes, the government typically owns firms in strategic industries. Not beholden to private-sector shareholders, such firms are allowed to operate with razor-thin margins if the state deems them strategically important. China, soon to be the world's largest economy, is the best known state capitalist regime, but it is hardly the only one. In State Capitalism, Joshua Kurlantzick ranges across the world--China, Thailand, Brazil, Russia, South Africa, Turkey, and more--and argues that the increase in state capitalism across the globe has, on balance, contributed to a decline in democracy. He isolates some of the reasons for state capitalism's resurgence: the fact that globalization favors economies of scale in the most critical industries, and the widespread rejection of the Washington Consensus in the face of the problems that have plagued the world economy in recent years. That said, a number of democratic nations have embraced state capitalism, and in those regimes, state-backed firms like Brazil's Embraer have enjoyed considerable success. Kurlantzick highlights the mixed record and the evolving nature of the model, yet he is more concerned about the negative effects of state capitalism. When states control firms, whether in democratic or authoritarian regimes, the government increases its advantage over the rest of society. The combination of new technologies, the perceived failures of liberal economics and democracy in many developing nations, the rise of modern kinds of authoritarians, and the success of some of the best-known state capitalists have created an era ripe for state intervention. State Capitalism offers the sharpest analysis yet of what state capitalism's emergence means for democratic politics around the world.

Author : Vincent Pollard
Publisher : BRILL
Page : 251 pages
File Size : 35,49 MB
Release : 2011-03-22
Category : Political Science
ISBN : 9004194452

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Through a careful analysis of the former Soviet Union and China, and South Asian societies of India and the Phillipines, this volume examines the creation of a state capitalism, its roll in economic development, and its impact on social change.

Author : Paul Collier
Publisher : HarperCollins
Page : 369 pages
File Size : 39,10 MB
Release : 2018-12-04
Category : History
ISBN : 0062748661

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Bill Gates's Five Books for Summer Reading 2019 From world-renowned economist Paul Collier, a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it. Deep new rifts are tearing apart the fabric of the United States and other Western societies: thriving cities versus rural counties, the highly skilled elite versus the less educated, wealthy versus developing countries. As these divides deepen, we have lost the sense of ethical obligation to others that was crucial to the rise of post-war social democracy. So far these rifts have been answered only by the revivalist ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit, and the return of the far-right in Germany. We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now. In a passionate and polemical book, celebrated economist Paul Collier outlines brilliantly original and ethical ways of healing these rifts—economic, social and cultural—with the cool head of pragmatism, rather than the fervor of ideological revivalism. He reveals how he has personally lived across these three divides, moving from working-class Sheffield to hyper-competitive Oxford, and working between Britain and Africa, and acknowledges some of the failings of his profession. Drawing on his own solutions as well as ideas from some of the world’s most distinguished social scientists, he shows us how to save capitalism from itself—and free ourselves from the intellectual baggage of the twentieth century.

Author : Henry K. H. Woo
Publisher : Taylor & Francis
Page : 161 pages
File Size : 21,11 MB
Release : 2017-03-27
Category : Business & Economics
ISBN : 1351812017

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Many years on after the 2007-8 financial crisis, most developed nations still find themselves in a state of weak recovery, high debt pile-up and distributive disparity. This book attempts to address this issue and to provide a pragmatic solution. By offering a unified framework of factors that drive growth, it shows how growth also gives rise to an array of ‘anomalous market forms’ that subvert distributive equity between labour and capital. It debunks both the pure free market solution and the mixed economy approach on the ground that they fail to arrest the growth-propelling yet subversive power inherent in the ‘corporate forms’ under the present capitalistic regime.

Author : Benjamin L. Liebman
Publisher : Oxford University Press, USA
Page : 481 pages
File Size : 25,52 MB
Release : 2016
Category : Business & Economics
ISBN : 0190250259

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This text examines the domestic and global consequences of Chinese state capitalism, focusing on the impact of state-owned enterprises on regulation and policy, while placing China's variety of state capitalism in comparative perspective.