In European Studies
Several European scholars and political economists have been using the term increasingly to describe one of the three major varieties of capitalism that prevail in the modern context of the European Union. This approach is mainly influenced by Schmidt's (2002) article on The Futures of European Capitalism, in which he divides modern European capitalism in three groups: Market, Managed and State. Here, state capitalism refers to a system where high coordination between the state, large companies and labour unions ensures economic growth and development in a quasi-corporatist model. The author cites France and, to a lesser extent, Italy as the prime examples of modern European State capitalism. A general theory of Capitalist forms, whereby state capitalism is a particular case, was developed by Ernesto Screpanti, who argues that soviet type economies of the 20th century used state capitalism to sustain processes of primitive accumulation.
Read more about this topic: State Capitalism
Famous quotes containing the words european and/or studies:
“When the inhabitants of some sequestered island first descry the “big canoe” of the European rolling through the blue waters towards their shores, they rush down to the beach in crowds, and with open arms stand ready to embrace the strangers. Fatal embrace! They fold to their bosoms the vipers whose sting is destined to poison all their joys; and the instinctive feeling of love within their breasts is soon converted into the bitterest hate.”
—Herman Melville (1819–1891)
“The conduct of a man, who studies philosophy in this careless manner, is more truly sceptical than that of any one, who feeling in himself an inclination to it, is yet so over-whelm’d with doubts and scruples, as totally to reject it. A true sceptic will be diffident of his philosophical doubts, as well as of his philosophical conviction; and will never refuse any innocent satisfaction, which offers itself, upon account of either of them.”
—David Hume (1711–1776)