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State Ownership in the Varieties of Capitalism
The economic crisis of 2008-2009 signaled the end of the Post-Washington Consensus on restricting the role of the state in economic and development policy. Since then, state ownership and state intervention have increased worldwide. This volume offers a comparative analysis of the evolution of direct state intervention in the economy through state-owned companies in Austria, Brazil, France, Germany, Hungary, Poland, Turkey, Singapore, and Slovenia. Each case study includes substantial explanations of historical, cultural, and institutional contexts. All the contributors point to the complex nature of the current revival in state economic interventions. The few models that are successful cannot hide the potential problems of excessive state intervention, linked to high levels of moral hazard. State-owned enterprises are primary tools of market and price manipulation for political purposes. They can be used outright for rent seeking. Yet state-owned enterprises can also play important roles in prestigious national initiatives, like major public works or high-profile social and sports events. The authors conclude that after the uniform application of democratic market economic principles, the 2000s witnessed a path-dependent departure from standard economic and political operating procedures in developed countries.
Frontmatter -- Contents -- Introduction: The Revival of the State -- Chapter 1: Crisis Management in Europe: Nationalizations and Privatizations -- Chapter 2: The Changing Role of the State in France: from Crisis to Crisis -- Chapter 3: The Involvement of the State in the German Economy -- Chapter 4: The Relationship between State and Private Enterprise in the Austrian Economy -- Chapter 5: Some Aspects of State Ownership in East-Central European Transition -- Chapter 6: Listed Companies with State Ownership: The Case of Poland -- Chapter 7: The Changing Role of the State in Slovenia: Privatizations and Banks' consolidations -- Chapter 8: The Role of State Ownership in and after Hungary's Transition to Market Economy -- Chapter 9: The Changing Role of the State in Development in Emerging Economies: The Developmental State Perspective -- Chapter 10: A Successful Model of State Capitalism: Singapore -- Chapter 11: The Changing Role of the State in Turkish Economy -- Chapter 12: Strong State Influence in the Brazilian Economy: Continuity or Change? -- Concluding Remarks and Further Research Agenda -- List of Contributors -- Index
BUSINESS & ECONOMICS / Economics / Comparative
Capitalism, Economic policy, Central and Eastern Europe, Ownership, Poland, Political economy.