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A taxonomy of state capitalism

The developmental phases of Russia, Kazakhstan, South Korea and Singapore - a comparative institutional analysis


Axel Wölk

What is the economic order of state capitalism? Furthermore,how can its significant performance differences be explained? The firstquestion is tackled with the help of New Institutional Economics by developinga model of state capitalism. This topic is furthermore dealt with in Chapter 3 wherea taxonomy of state capitalism is presented. This chapter already explains someof the performance differences. In the last chapter with the help ofsemi-structured interviews and literature surveys – in four case studies –propositions are forwarded as to why state capitalist orders vary so widely intheir performances. Two points stick out: the quality of the bureaucracy aswell as a varying degree of commitment of the political leadership to adevelopmental course. 
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3 A Taxonomy of Modern State Capitalism


“We must all obey the great law of change. It is the most powerful law of nature, and the means perhaps of its conservation.”

Edmund Burke


In its core, in this part a taxonomy of state capitalism will be presented, which builds on the theory and the constituting principles developed above. Then subsequently, there is to be a grounded part, where with the help of some quantitative data, it will be established, whether with the constituting principles state can indeed be differentiated from market capitalism as well as the different groups of state capitalism from each other. In this regard, proxies are applied for the constituting principles. Meanwhile there is also going to be a comparison of performances. This should help to clarify, whether the state capitalist groups, which were identified, also significantly diverged in their respective performances. At the same time, it will be illustrated that development is possible under state capitalist regimes. Economic growth rates of these countries on average even surpassed those of market capitalist ones. However, first of all, it will be dealt with antecedents of state capitalist classifications in the literature. Moreover, it will be shown, how institutional change is possible from one state capitalist variant to another.

Keywords: Varieties of State Capitalism, Classification, Institutional Change, Performances, Proxies for Constituting Principles.

3.1 Varieties of State Capitalism

3.1.1 Classifications of State Capitalism in the Literature

One of the key...

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