The end of the Cold War ushered in an age of American triumphalism
best characterized by the 'Washington Consensus': the idea that
free markets, democratic institutions, limitations on government
involvement in the economy, and the rule of law were the
foundations of prosperity and stability. The last fifteen years,
starting with the Asian financial crisis, have seen the gradual
erosion of that consensus. Many commentators have pointed to the
emergence of a powerful new rival model: state capitalism. In state
capitalist regimes, the government typically owns firms in
strategic industries. Not beholden to private-sector shareholders,
such firms are allowed to operate with razor-thin margins if the
state deems them strategically important. China, soon to be the
world's largest economy, is the best known state capitalist regime,
but it is hardly the only one. In State Capitalism, Joshua
Kurlantzick ranges across the world-China, Thailand, Brazil,
Russia, South Africa, Turkey, and more-and argues that the increase
in state capitalism across the globe has, on balance, contributed
to a decline in democracy. He isolates some of the reasons for
state capitalism's resurgence: the fact that globalization favors
economies of scale in the most critical industries, and the
widespread rejection of the Washington Consensus in the face of the
problems that have plagued the world economy in recent years. That
said, a number of democratic nations have embraced state
capitalism, and in those regimes, state-backed firms like Brazil's
Embraer have enjoyed considerable success. Kurlantzick highlights
the mixed record and the evolving nature of the model, yet he is
more concerned about the negative effects of state capitalism. When
states control firms, whether in democratic or authoritarian
regimes, the government increases its advantage over the rest of
society. The combination of new technologies, the perceived
failures of liberal economics and democracy in many developing
nations, the rise of modern kinds of authoritarians, and the
success of some of the best-known state capitalists have created an
era ripe for state intervention. Leviathan Inc. offers the sharpest
analysis yet of what state capitalism's emergence means for
democratic politics around the world.
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