The Rise of New State Capitalism: A Global Political Economy Perspective

Orhan Şimşek

The feasibility of different capitalist modes has come up again since neoliberal global capitalism’s interrupting after the 2008 crisis. Both the West’s state intervene policies for overcoming the crisis and the countries’ which the state is major player in the economy such as China and Russia, outcoming with less damage from the crisis, have taken over the state capitalism which is not theorically new but different from former samples in practise. This “new” state capitalism represents political and economical structures of developing countries such as China and Russia mainly on the way, Brazil, India and Saudi Arabia. New state capitalism is a capitalist variety which is being global through state-owned enterprises (SOEs) and sovereign wealth funds (SWFs). In this context, the state apparatus moves a global investor and enterpreneur. Hence, the new state capitalism is a phenomenon which is has goal to take political gain and treating globalist beyond nationalism like former samples. Here, in this paper, with surveying the factors which provides the globalization of the state capitalism, we will refer to differencies of the new state capitalism from former samples.

Keywords: Globalization, State Capitalism, State-Owned Enterprises, Sovereign Wealth Funds