New varieties of state capitalism: Strategic and governance implications

We analyze the new varieties of state capitalism in the 21^st century and explore their implications in terms of both strategic and governance outcomes. We begin by discussing how the current theoretical perspectives conceptualize state-owned enterprises' strategic behavior. Then we introduce a stylized distinction between four broad, new varieties of state capitalism - wholly owned state-owned enterprises, the state as a majority investor, the state as a minority investor, and the state as a strategic supporter of specific sectors - and survey each type within the different theoretical perspectives. Last, we examine firm performance for each type of state capitalism relative to private firms and contingent on country-level institutional contingencies. This article contributes to existing debates on comparative capitalisms and the current role of the state.