Acta Oeconomica Pragensia 2014, 22(2):17-32 | DOI: 10.18267/j.aop.429

Role of the State in Economy and State Capitalism. The Case of Singapore

Martina Jiránková, Pavel ®amberský
Vysoká ąkola ekonomická v Praze, Fakulta mezinárodních vztahů (martina.jirankova@vse.cz, pavel.zambersky@vse.cz).

The article deals with problems of state capitalism. It can be defined as maximisation of political control over economy and society and it is used as the characteristics of systems which exist in China, Russia, Brazil, United Arab Emirates, etc. State capitalism used to be effective in early periods of development when resources had to be concentrated. Corporations under state ownership are also able to compete on global markets and take advantage of their size and political support. Singapore represents an original connection of economic freedom and authoritarian capitalism. It is based on a free-market foreign-oriented economy which stresses financial market development, infrastructure, education, macroeconomic surroundings and fiscal management. The state as an owner and creator of the institutional framework plays an important role.

Keywords: state capitalism, developmental state, Singapore, sovereign wealth fund, government-linked corporations
JEL classification: P12, P16, P51

Published: April 1, 2014  Show citation

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Jiránková, M., & ®amberský, P. (2014). Role of the State in Economy and State Capitalism. The Case of Singapore. Acta Oeconomica Pragensia, 22(2), 17-32. doi: 10.18267/j.aop.429
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