China has forced the world economies to embrace ‘State Capitalism’ which is an economic system where the state exerts significant control over economic activity, often through ownership of key industries and strategic resources, while still operating within a market-based framework.
It's characterised by the state's active role in directing investment, allocating resources, stockpiling and influencing market outcomes, often through state-owned enterprises (SOEs) and sovereign wealth funds. This approach can be seen as a hybrid, blending elements of both capitalism and state intervention.
Wealthy countries like Australia and South Korea benefit from this mixed system. Regretfully, not so for African countries unless they can come together, and that is not going to happen anytime soon. Therefore, they might not receive the necessary assistance from the west for the short to medium term.
Our local troll has been hit by the reality of this. No amount of resentful posting can make things better. The world has changed.
The outcomes from this weeks G7 summit will reinforce some kind of state capitalism. Including today’s meeting with Albo and President Lee.
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