State capitalism was touted by Lenin as a positive step on the road to socialism. By state capitalism, Lenin meant a â??commanding heightsâ? of large businesses and trusts controlled by a state that served the interests of the working class.
Leninâ??s transitory state capitalism of the 1920s was replaced by Stalinâ??s command economy. Postwar Franceâ??s dirigisme and Japanâ??s industrial policy were both failed experiments with state capitalism, but it is alive and, some think, well in China, Russia, Brazil, and many other countries.
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