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State capitalism is an economic system in which the state undertakes business and commercial (i.e., for-profit) economic activity and where the means of production are nationalized as state-owned enterprises (including the processes of capital accumulation, centralized management and wage labor).
Some scholars have described China's economic system as a form of state capitalism, particularly after the industrial reforms of the 1980s and 1990s, noting that while the Chinese economy maintains a large state sector, the state-owned enterprises operate like private-sector firms and retain all profits without remitting them to the government ...
Bakunin predicted that Marx's theory of the transition from capitalism to socialism involving the working class seizing state power in a dictatorship of the proletariat would eventually lead to a usurpation of power by the state apparatus acting in its self-interest, ushering in a new form of capitalism rather than establishing socialism.
Party-state capitalism (Chinese: 黨國資本主義) is a term used by some economists and sociologists to describe the contemporary economy of China under the Chinese Communist Party (CCP). [ 1 ] [ 2 ] The term has also been used to describe the economy of Taiwan under the authoritarian military government of the Kuomintang (KMT).
According to party theorists, since China adopted state ownership when it was a semi-feudal and semi-colonial country, it is claimed to be in the primary stage of socialism. [26] Because of this, certain policies and system characteristics—such as commodity production for the market, the existence of a private sector and the reliance of the ...
The capitalist state is the state, its functions and the form of organization it takes within capitalist socioeconomic systems. [1] This concept is often used interchangeably with the concept of the modern state.
They said China was an undeveloped socialist nation because: [12] The characteristics of undeveloped socialism are the two forms of public ownership, commodity production and commodity exchange. Capitalists have been basically eliminated as a class but there are still capitalist and bourgeois remnants, even feudal remnants.
She notes, in line with classical Marxist theory, that constitutionalism in general fits with the capitalist mode of production and bourgeois democracy, and does not fit in with China's socialist system of people's democratic dictatorship. [74]