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Today's resurgence of illiberal state capitalist regimes and leaders is nowhere close to inciting a war, because centre-right and centre-left governments still committed to liberal democracy, enlightened economic policies, and solid welfare systems still rule most of Europe.
In state capitalist countries, they tend to suffer what they must.
Instead, regulators foolishly turned a blind eye, despite the obvious contradictions in China's state capitalist model.
"State capitalist societies seem to be able to do a better job creating jobs," Mr. Rubenstein said.
State capitalist enterprises invest heavily in democratic capitalist enterprises (but they tend not to invest in each other).
Beijing will continue to invest in its state capitalist system and to manage its currency to suit its own needs.
Similar(30)
But the strategy is remarkably similar to that being adopted in China and other state-capitalist countries.Norway's state capitalism has resulted in several oddities.
Worse, the rise of state capitalism in the East may encourage a trade war as liberal countries attack subsidies and state-capitalist countries retaliate.But state capitalism's biggest failure is to do with liberty.
There are state-capitalist banks, billionaires, bureaucrats and even paid-up ideologues (one Chinese analyst, having listed all of the system's inefficiencies, says that he gives it "no more than 50 years").But state capitalism nevertheless suffers from deep flaws.
Western politicians are beginning to lose patience with state-capitalist powers that rig the system in favour of their own companies.For emerging countries wanting to make their mark on the world, state capitalism has an obvious appeal.
Today's state-capitalist governments hold huge blocks of shares in their favourite companies.Otherwise the similarities are striking.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com