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( State capitalism)
State capitalism, in its classic meaning, is a private capitalist economy under state control. This term was often used to describe the controlled economies of the great powers in the First World War.[1] In more modern sense, state capitalism is a term used to describe a system where state is intervening in the markets to protect and advance interests of big business. This practice is in sharp contrast with the ideals of free market capitalism.[2] This term is also used by some heterodox economists to describe a society wherein the productive forces are owned and run by a state in a capitalist way, even if such a state chooses to call itself socialist.[3] Within Marxist literature, state capitalism is usually defined in the latter sense as a social system combining capitalism — the wage system of producing and appropriating surplus value — with ownership by a state apparatus. By that definition, a state capitalist country is a country where the government controls the economy and essentially acts like a single giant corporation. The term itself was in use within the socialist movement from the late nineteenth century onwards. Wilhelm Liebknecht in 1896 said "Nobody has combatted State Socialism more than we German Socialists; nobody has shown more distinctively than I, that State Socialism is really State capitalism!" [4] There are various theories and critiques of state capitalism, some of which have been around since the October Revolution. The common themes among them are to identify that the workers do not meaningfully control the means of production and that commodity relations and production for profit still occur within state capitalism.
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