ABSTRACT
One of the most common characterizations of the Chinese economy is the term ‘state capitalism’. This notion lumps together countries as different as Brazil, Russia and China. The backdrop is a certain concept of and normative reference to the institutional setting in the majority of the OECD countries following the weakening of the standards of the Washington Consensus, which was partly also motivated by the phenomenal success of China. So, the notion of state capitalism appears to be a mainly negative characterization, namely pinpointing normative deviance. It is lacking specificity in identifying positive characteristics of ‘state capitalism’, especially with reference to the different countries involved, beyond simple observations on different forms of government intervention. In fact, given the differences between the countries that are included in this category, the methodological value of this category appears to be weak. This is especially deplorable because the notion vacillates between normative and positive functions. For many observers state capitalism is seen in a critical light, and is perceived as an oxymoron that carries within it the seeds of a necessary conversion to ‘pure’ systems.1
