State Capitalism Comes of Age
The End of the Free Market?
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Across the United States, Europe, and much of the rest of the developed world, the recent wave of state interventionism is meant to lessen the pain of the current global recession and restore ailing economies to health. For the most part, the governments of developed countries do not intend to manage these economies indefinitely. However, an opposing intention lies behind similar interventions in the developing world: there the state's heavy hand in the economy is signaling a strategic rejection of free-market doctrine.
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What we are seeing is a rise in statism not state capitalism. As more governments seize the wealth of private corporations, capitalism will get the blame when it is the government controlled entities that are the cause.