State Capitalism in Russia: A Review Article (Part 1)

Abstract

The article reviews current scholarship and debates on state capitalism as well as studies of this phenomenon in Russia.Aim. This article aims to review current scholarly debates on state intervention in the Russian economy and identify key positions in this field.Tasks. In the first part of the article, we reveal the history of the concept of ‘state capitalism’ and review debates on the ‘new state capitalism’, its developmentalist, political, social and other interpretations.Methods. This article compares scholars’ positions and identifies divisions in the field.Results. In the first part of the article, we demonstrate that the concept of ‘state capitalism’ has been discussed in the Marxist tradition since the late 19th century. However, the crisis of 2008-2009 marked the renewal of mainstream interest in this phenomenon. There are several interpretations of state capitalism. Industrial policy view treats state capitalism as a way of stimulating economic growth and technological development. Social policy view considers it to be an instrument of solving social problems, such as unemployment and high prices on certain goods and services. Political view envisions state capitalism as a vehicle for rent-seeking and patronage. Geopolitical view treats it as an instrument of foreign policy and the defense of national sovereignty. State capitalism is also seen as a vehicle for financialization and globalization. State capitalism is studied both on the microlevel of specific industries, regions and projects, and on the macrolevel of the national economies.Conclusion. Current debates on state capitalism comprise a dynamic, multidisciplinary research field. Within this field, the Russian case should be investigated in the comparative perspective.

Keywords

• political economy
• capitalism
• state
• industrial policy
• rent-seeking
• patronage