Authors: G.F. Kayachev

Title of the article: State Capitalism and Government Regulation of the Economy in the Context of Globalization

Year: 2021, Issue: 3, Pages: 4-14

Branch of knowledge: 5.2.1 Economics

Index UDK: 338.2

DOI: 10.26730/2587-5574-2021-3-4-14

Abstract: The manifestation of contradictions in the system of goverment regulation of the economy in the context of globalization sometimes takes the opposite forms – offshorization and reshoring, "breakthrough" of transnational capital abroad and trade wars, denationalization of natural monopolies and nationalization of business in the framework of anti-crisis infusions. The lack of a unified approach to the implementation of economic regulation is accompanied by an increase in the need for stabilization actions of the state in the context of cyclical crises of a new type caused by technological shocks, the accumulation of a critical mass of government debts, structural shifts in the raw materials market, as well as the layering of unforeseen crisis phenomena, such as the COVID-19 pandemic, on them. The emergence of a new technological basis gives rise to conflicts between old and new business elites, the expansion of IT giants, the emission of cryptocurrencies that are not subject to traditional instruments and mechanisms of government regulation of the economy. The emergence of concepts of economic regulation that reject the entrenched liberal models – Trumpism, economic nationalism – is a response to new challenges from the side of national states. In this regard, state capitalism emerging in a number of post-socialist countries looks, on the one hand, as an antipode of the existing models of state regulation, and on the other – as its advanced stage, harmonizing the interests of many stakeholder groups. At the same time, state capitalism is not the only constraint on the manifestation of the liberal state in the economy, since in the modern global world other forces are being formed that seek to establish their own order in the national and world economic systems. Therefore, the prospects for economic regulation against the background of the evolution of state capitalism remain a topical subject of scientific analysis.

Key words: government regulation of the econ-omy state capitalism globalization transnational corporations economic nationalism

Receiving date: 13.09.2021

Approval date: 03.10.2021

Publication date: 17.12.2021

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