The Meaning of State Capitalism in China

Chinese SOEs are not what you, or the people writing American foreign policy, think they are. We're going to take a dive into the belly of the state and figure out how SOEs actually function. But before we get into the structure of the SOE, we need to talk about state capitalism. State capitalism is an old term. Most of the people writing about it will trace it back to Lenin's new economic policy in the Soviet economy of the early 20s.