The Spectre of State Capitalism

The state is back, and it means business. Since the turn of the 21st century, state-owned enterprises, sovereign funds, and policy banks have vastly expanded their control over assets and markets. Concurrently, governments have experimented with increasingly assertive modalities of statism, from techno-industrial policies and spatial development strategies to economic nationalism and trade and investment restrictions.

This book argues that we are currently witnessing a historic arc in the trajectories of state intervention, characterized by a drastic reconfiguration of the state's role as promoter, supervisor, shareholder-investor, and direct owner of capital across the world economy. It offers a comprehensive analysis of this “new state capitalism”, as commentators increasingly refer to it, and maps out its key empirical manifestations across a range of geographies, cases, and issue areas. Alami and Dixon show that 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 geoeconomic agency of states and the global corporate strategies of leading firms. The book demonstrates that the proliferation of muscular modalities of statist interventionism and the increasing concentration of capital in the hands of states indicate foundational shifts in global capitalism. This includes a 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.

About the speaker

Dr Ilias Alami is an Assistant Professor in the Political Economy of Development in the Centre of Development Studies and the Department of Politics and International Studies at the University of Cambridge. Prior to joining Cambridge, he held research and teaching positions at Uppsala University, Maastricht University, and Manchester University. He also held visiting positions at the Getulio Vargas Foundation in Sao Paulo, the University of Johannesburg, and Sciences Po Paris. He holds a PhD in Politics from the University of Manchester. He is the author of Money Power and Financial Capital in Emerging Markets: Facing the Liquidity Tsunami (Routledge, 2019) and (with Adam Dixon) The Spectre of State Capitalism (Oxford University Press, 2024).

This event is part of the SOAS Global Development Seminar Series.

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