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0:00
Hello, everyone. I'm
Prof. Anna Grosman.
I teach at Loughborough
University,
and today I will talk
about state capitalism.
The lecture of today, within
that big umbrella of topic is
about the strategies for
firm success in the face
of state capitalism;
in the face of
government influence.
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First, I wanted to
define state capitalism.
What is it as an
economic system?
It is an ambiguous concept that
means many things to many
people at different times.
I use this definition from
one of my publications,
which says that, "State
capitalism can be
defined as the state
becoming an economic actor."
It means that the state
takes a big involvement
in the economy,
in the business and it takes
different shapes and forms.
For example, state
can be an owner of
economic entities such as
State-Owned Enterprises or
Sovereign Wealth Funds.
Usually, it's when
the state looks at
economic activities, and it
becomes intertwined
with the business.
State capitalism can manifest
in a variety of forms,
and I use another definition
which is a bit broader,
where state capitalism is
defined beyond ownership
of economic entities.
State capitalism is
an economic system
in which the state uses
various tools for
proactive intervention
in economic production and
the functioning of markets.
That means that state
capitalism can manifest not
only through ownership of
economic entities
such as SOEs or SWFs,
but also through a variety of
other tools and mechanisms,
such as industrial
policy, subsidies,
investments, and perhaps,
more informal mechanisms
such as political connections,
the promotion of big
private companies abroad.
The list is endless,
and we will focus
on some of the prominent
tools in today's lecture.
