The Spectre of State Capitalism with Ilias Alami

In this episode, we welcome Ilias Alami to discuss state capitalism and his new book, co-authored with Adam Dixon, The Spectre of State Capitalism. We discuss why we are currently witnessing a historic arc in the trajectories of state intervention, characterised by a drastic reconfiguration of the state's role as promoter, supervisor, shareholder-investor, and direct owner of capital across the world economy. We discuss why the new state capitalism is rooted in deep geopolitical economic and financial processes pertaining to the secular development of global capitalism, as much as it is the product of the geo-economic agency of states and the global corporate strategies of leading firms. We discuss the growing fusion of private and state capital, and the development of flexible and liquid forms of property that collapse the distinction between state and private ownership, control, and management. This has fundamental implications for the nature and operations of global capitalism and world politics.

Takeaways



• The expansion of the state's role in the economy is a response to structural transformations in global capitalism and not primarily an ideological shift.


• Understanding state capitalism requires a global outlook and an analysis of transnational connections and inter-referentiality.


• The material transformations in the global economy have triggered ideological and ideational adjustments regarding the role of the state in the economy.


• State capitalism is not limited to a specific political ideology and is observable across different political systems.


• The integration of state-owned enterprises in global trade and finance has led to a new form of state ownership that mimics private sector practices.