Rethinking State Capitalism: A Cross-Disciplinary Perspective on the State’s Role in the Economy

Anna Grosman, Gerhard Schnyder, Alvaro Cuervo-Cazurra, Ilya Okhmatovskiy, Geoffrey T. Wood

Research output: Contribution to journalArticlepeer-review


We review the multidisciplinary literature on state capitalism and the firm to advance the theoretical foundations of the role of the government as an owner of firms. We explain state capitalism, how it has been theorized, how types of states affect choices within and between organizations, and the implications of government involvement on firm corporate governance structures and processes. Drawing on political economy, finance, and public administration literature, we clarify the alternative views of the role of government as an economic agent, the role of states in managing and preserving the natural world, and the tools of state capitalism in times of crisis. Based on our review, we identify four main venues for future research: investigating new types of state capitalism and their variety; studying the multilevel nature of state capitalism in a particular interaction between mechanisms of state capitalism at different levels (e.g., regulation and state-ownership); analyzing the contextuality of state capitalism; and examining similarities of state capitalism across countries.

Original languageEnglish
Pages (from-to)252-328
Number of pages77
JournalAnnals of Corporate Governance
Issue number4
Early online date25 Jul 2023
Publication statusPublished - 7 Aug 2023


  • climate change
  • crisis
  • Government
  • industrial policy
  • regulation
  • state capitalism
  • state ownership
  • state-owned enterprise

ASJC Scopus subject areas

  • Business, Management and Accounting (miscellaneous)
  • Finance
  • Law


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