Editing Capitalism (section)

=== State ===
{{Main|State capitalism}}
State capitalism is a capitalist market economy dominated by state-owned enterprises, where the state enterprises are organized as commercial, profit-seeking businesses. The designation has been used broadly throughout the 20th century to designate a number of different economic forms, ranging from state-ownership in market economies to the command economies of the former [[Eastern Bloc]]. According to Aldo Musacchio, a professor at Harvard Business School, state capitalism is a system in which governments, whether democratic or autocratic, exercise a widespread influence on the economy either through direct ownership or various subsidies. Musacchio notes a number of differences between today's state capitalism and its predecessors. In his opinion, gone are the days when governments appointed bureaucrats to run companies: the world's largest state-owned enterprises are now traded on the public markets and kept in good health by large institutional investors. Contemporary state capitalism is associated with the [[East Asian model of capitalism]], [[dirigisme]] and the economy of Norway.<ref>{{cite news |last=Musacchio |first=Aldo |url=http://www.economist.com/debate/days/view/802 |title=Economist Debates: State capitalism: Statements |newspaper=The Economist |access-date=20 June 2012 |archive-date=16 July 2012 |archive-url=https://web.archive.org/web/20120716050641/http://economist.com/debate/days/view/802 |url-status=live }}</ref> Alternatively, [[Merriam-Webster]] defines state capitalism as "an economic system in which private capitalism is modified by a varying degree of government ownership and control".<ref>[http://www.merriam-webster.com/dictionary/state%20capitalism State capitalism] {{Webarchive|url=https://web.archive.org/web/20150703131303/http://www.merriam-webster.com/dictionary/state%20capitalism |date=3 July 2015 }}. [[Merriam-Webster]]. Retrieved 7 July 2015.</ref>

In ''Socialism: Utopian and Scientific'', [[Friedrich Engels]] argued that state-owned enterprises would characterize the final stage of capitalism, consisting of ownership and management of large-scale production and communication by the [[Capitalist state|bourgeois state]].<ref>{{cite web |first=Frederick |last=Engels |author-link=Friedrich Engels |url=http://www.marxists.org/archive/marx/works/1880/soc-utop/ch03.htm |title=Socialism: Utopian and Scientific (Chpt. 3) |publisher=[[Marxists Internet Archive]] |access-date=8 January 2014 |archive-date=9 May 2020 |archive-url=https://web.archive.org/web/20200509191523/https://www.marxists.org/archive/marx/works/1880/soc-utop/ch03.htm |url-status=live}}</ref> In his writings, [[Vladimir Lenin]] characterized the economy of Soviet Russia as state capitalist, believing state capitalism to be an early step toward the development of socialism.<ref>V.I. Lenin. [https://www.marxists.org/archive/lenin/works/1921/apr/21.htm The Tax in Kind] {{Webarchive|url=https://web.archive.org/web/20150907043921/https://www.marxists.org/archive/lenin/works/1921/apr/21.htm |date=7 September 2015 }}. ''Lenin's Collected Works'', 1st English ed., Progress Publishers, Moscow, 1965, vol. 32, pp. 329–365.</ref><ref>V.I. Lenin. [https://www.marxists.org/archive/lenin/works/1922/nov/14b.htm To the Russian Colony in North America] {{Webarchive|url=https://web.archive.org/web/20150618071802/https://www.marxists.org/archive/lenin/works/1922/nov/14b.htm |date=18 June 2015 }}. ''Lenin Collected Works'', Progress Publishers, 1971, Moscow, vol. 42, pp. 425c–427a.</ref>

Some economists and left-wing academics including [[Richard D. Wolff]] and [[Noam Chomsky]], as well as many Marxist philosophers and revolutionaries such as [[Raya Dunayevskaya]] and [[C.L.R. James]], argue that the economies of the former [[Soviet Union]] and Eastern Bloc represented a form of state capitalism because their internal organization within enterprises and the system of wage labor remained intact.<ref>[http://www.hetsa.org.au/pdf/34-A-08.pdf "State capitalism" in the Soviet Union] {{Webarchive|url=https://web.archive.org/web/20190728140836/https://www.hetsa.org.au/pdf/34-A-08.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.hetsa.org.au/pdf/34-A-08.pdf |archive-date=9 October 2022 |url-status=live |date=28 July 2019 }}, M.C. Howard and J.E. King</ref><ref>[[Noam Chomsky]] (1986). [http://www.chomsky.info/articles/1986----.htm The Soviet Union Versus Socialism] {{Webarchive|url=https://web.archive.org/web/20150924051230/http://www.chomsky.info/articles/1986----.htm |date=24 September 2015 }}. ''Our Generation''. Retrieved 9 July 2015.</ref><ref>[[Richard D. Wolff]] (27 June 2015). [http://www.truth-out.org/news/item/31567-socialism-means-abolishing-the-distinction-between-bosses-and-employees Socialism Means Abolishing the Distinction Between Bosses and Employees] {{Webarchive|url=https://web.archive.org/web/20180311070639/http://www.truth-out.org/news/item/31567-socialism-means-abolishing-the-distinction-between-bosses-and-employees |date=11 March 2018 }}. ''[[Truthout]].'' Retrieved 9 July 2015.</ref><ref>{{cite web|first1=Raya |last1=Dunayevskaya |author-link1=Raya Dunayevskaya |date=1941 |url=https://www.marxists.org/archive/dunayevskaya/works/1941/ussr-capitalist.htm |title=The Union of Soviet Socialist Republics is a Capitalist Society |website=[[Marxists Internet Archive]] |archive-url=https://web.archive.org/web/20191207212742/https://www.marxists.org/archive/dunayevskaya/works/1941/ussr-capitalist.htm |archive-date=7 December 2019}}</ref><ref>{{cite web|first1=C.L.R. |last1=James |author-link1=C.L.R. James |first2=Raya |last2=Dunayevskaya |author-link2=Raya Dunayevskaya |first3=Grace Lee |last3=Boggs |author-link3=Grace Lee Boggs |date=1950 |url=https://libcom.org/files/State%20capitalism%20and%20world%20revolution%20-%20CLR%20James.pdf |title=State Capitalism and World Revolution |archive-url=https://web.archive.org/web/20200619014753/https://libcom.org/files/State%20capitalism%20and%20world%20revolution%20-%20CLR%20James.pdf |archive-date=19 June 2020}}</ref>

The term is not used by [[Austrian School]] economists to describe state ownership of the means of production. The economist [[Ludwig von Mises]] argued that the designation of state capitalism was a new label for the old labels of state socialism and planned economy and differed only in non-essentials from these earlier designations.<ref>{{cite book|first=Ludwig |last=Von Mises |author-link=Ludwig Von Mises |title=Socialism: An Economic and Sociological Analysis |publisher=LibertyClassics |place=Indianapolis |year=1979 |isbn=978-0-913966-63-1 |url=https://archive.org/details/socialismeconomi00vonm |access-date=31 May 2007 |quote=The socialist movement takes great pains to circulate frequently new labels for its ideally constructed state. Each worn-out label is replaced by another which raises hopes of an ultimate solution of the insoluble basic problem of Socialism—until it becomes obvious that nothing has been changed but the name. The most recent slogan is 'State Capitalism.' It is not commonly realized that this covers nothing more than what used to be called Planned Economy and State Socialism, and that State Capitalism, Planned Economy, and State Socialism diverge only in non-essentials from the "classic" ideal of egalitarian Socialism. |url-access=registration}}</ref>