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Rethinking State Capitalism: A Cross-Disciplinary Perspective on the State’s Role in the Economy

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  • Anna Grosman
  • Gerhard Schnyder
  • Alvaro Cuervo-Cazurra
  • Ilya Okhmatovskiy
  • Geoffrey T. Wood

Abstract

We review the multidisciplinary literature on state capitalism and the firm to advance the theoretical foundations of the role of the government as an owner of firms. We explain state capitalism, how it has been theorized, how types of states affect choices within and between organizations, and the implications of government involvement on firm corporate governance structures and processes. Drawing on political economy, finance, and public administration literature, we clarify the alternative views of the role of government as an economic agent, the role of states in managing and preserving the natural world, and the tools of state capitalism in times of crisis. Based on our review, we identify four main venues for future research: investigating new types of state capitalism and their variety; studying the multilevel nature of state capitalism in a particular interaction between mechanisms of state capitalism at different levels (e.g., regulation and state-ownership); analyzing the contextuality of state capitalism; and examining similarities of state capitalism across countries.

Suggested Citation

  • Anna Grosman & Gerhard Schnyder & Alvaro Cuervo-Cazurra & Ilya Okhmatovskiy & Geoffrey T. Wood, 2023. "Rethinking State Capitalism: A Cross-Disciplinary Perspective on the State’s Role in the Economy," Annals of Corporate Governance, now publishers, vol. 7(4), pages 252-328, August.
    • Handle: RePEc:now:jnlacg:109.00000030
    DOI: 10.1561/109.00000030
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    References listed on IDEAS

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    1. Wright, Mike & Wood, Geoffrey & Musacchio, Aldo & Okhmatovskiy, Ilya & Grosman, Anna & Doh, Jonathan P., 2021. "State capitalism in international context: Varieties and variations," Journal of World Business, Elsevier, vol. 56(2).
    2. White, George O. & Fainshmidt, Stav & Rajwani, Tazeeb, 2018. "Antecedents and Outcomes of Political Tie Intensity: Institutional and Strategic Fit Perspectives," Journal of International Management, Elsevier, vol. 24(1), pages 1-15.
    3. Shaker A. Zahra & Lance R. Newey, 2009. "Maximizing the Impact of Organization Science: Theory‐Building at the Intersection of Disciplines and/or Fields," Journal of Management Studies, Wiley Blackwell, vol. 46(6), pages 1059-1075, September.
    4. Zhang, Yue-Jun & Chevallier, Julien & Guesmi, Khaled, 2017. "“De-financialization” of commodities? Evidence from stock, crude oil and natural gas markets," Energy Economics, Elsevier, vol. 68(C), pages 228-239.
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