Sustainable Capitalism and State Capitalism: China’s Path
Overview
The U.S. model of free-market capitalism played a dominant force in the Cold War against communism, which set the agenda for economic governance and development until the financial crisis of 2008. The future of the world economic order becomes more uncertain with new challenges from alternative economic models, including models of capitalism adopting more state control as practiced in Brazil, Russia, India, and, especially, China. China is experiencing strong growth by embracing globalism and revamping the core principles of free-market capitalism. Meanwhile, the state still actively manages economic growth, including the deployment of industrial policy and financial ...
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