Dbjwqkd Q

In: Historical Events

Submitted By hyang3
Words 541
Pages 3
Name: Ang Hui Ying
Student I.D.: 23613408
Theme and variations

This article discussed about the varieties of state capitalism. Firstly, “the party state” exercises a degree of control over the economy that is unparalleled in the rest of the state-capitalist world. In china party hacks can find themselves running the country’s biggest companies and state-owned enterprises (SOEs) bosses sometimes get big jobs in the party. It has been trying for years to force the SOEs to pay higher dividends to the government, with only limited success.
In Russia, they may be running the biggest companies while also sitting in the cabinet. In the past decade has seen a remarkable strengthening of the power of the state, which during Boris Yeltsin’s period of “wild privatization” looked as if it might crumble. The Kremlin has turned scattered companies into national champions. As a result the Russian state controls the commanding heights of the economy through share ownership by holding huge chunks of the shares of the country’s biggest and most strategic companies. The result is a highly unusual form of capitalism, dominated by a handful of gigantic firms and controlled by a clique of security officials.
Middle Eastern monarchs have been using oil to keep themselves in funds for decades. But these days some of them are taking a remarkably sophisticated approach to managing their economies, embracing professional management. The al-Maktoums, who rule Dubai, created Dubai World, a huge state-owned holding company, to run their projects. The Saudis have handed the day-to-day management of their biggest companies, Saudi Aramco and Saudi Basic Industries, to professional managers. The petro-royals have also become enthusiastic practitioners of state-sponsored modernisation. The al-Maktoums have been trendsetters because they never had much oil to begin with. It now accounts for under 5%…...

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