Very compelling Economist piece on The rise of state capitalism: Emerging-market multinationals and Visible Hand special report... "The spread of a new sort of business in the emerging world will cause increasing problems [...] The era of free-market triumphalism has come to a juddering halt, and the crisis that destroyed Lehman Brothers in 2008 is now engulfing much of the rich world. [...]This is essential -- and quite troublesome -- reading.The crisis of liberal capitalism has been rendered more serious by the rise of a potent alternative: state capitalism, which tries to meld the powers of the state with the powers of capitalism. It depends on government to pick winners and promote economic growth. But it also uses capitalist tools such as listing state-owned companies on the stockmarket and embracing globalisation. [...] State capitalism can claim the world’s most successful big economy for its camp. [...] State capitalism can also claim some of the world’s most powerful companies. [...] State capitalism is on the march, overflowing with cash and emboldened by the crisis in the West. [...] This special report will focus on the new state capitalism of the emerging world rather than the old state capitalism in Europe, because it reflects the future rather than the past. The report will look mainly at China, Russia and Brazil."
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