Page "Capitalism" Paragraph 36

According to Aldo Musacchio, a professor at Harvard Business School, it is a system in which governments, whether democratic or autocratic, exercise a widespread influence on the economy, through either direct ownership or various subsidies.

Musacchio also emphasises the difference between today's state capitalism and its predecessors.

Gone are the days when governments appointed bureaucrats to run companies.

The world's largest state-owned enterprises are traded on the public markets and kept in good health by large institutional investors.