New Books In Critical Theory

After close to three decades of the hegemony of free market ideas, the state has made a big comeback as an economic actor since the 2008 financial crisis. China’s state-owned companies and international financial institutions have made headlines for their growing influence in the world economy. State-backed investment vehicles based in the Gulf states have made high-profile investments in global real estate markets and professional sports, while their state-owned firms have become world leaders in the logistics and natural resource sectors. Governments around the world – including in the heartlands of advanced capitalism – have promoted the interests of ‘national champion’ companies in strategic economic sectors, bailed out financial institutions by taking toxic assets off of their balance sheets, and implemented industrial policies with the aim of moving into the most profitable segments of global value chains. What accounts for this renewed prominence of states in global capitalism? Does the increased activ