The economic crisis of 2008–2009 signaled the end of the post-Washington consensus on restricting the role of the state in economic and development policy. Since then, state ownership and state intervention have increased worldwide. This volume offers a comparative analysis of the evolution of direct state intervention in the economy through state-owned companies in Austria, Brazil, France, Germany, Hungary, Poland, Turkey, Singapore, and Slovenia. Each case study includes substantial explanations of historical, cultural, and institutional contexts.
All the contributors point to the complex nature of the current revival in state economic interventions. The few models that are successful cannot hide the potential problems of excessive state intervention, linked to high levels of moral hazard. State-owned enterprises are primary tools of market and price manipulation for political purposes. They can be used outright for rent seeking. Yet state-owned enterprises can also play important roles in prestigious national initiatives, like major public works or high-profile social and sports events. The authors conclude that after the uniform application of democratic market economic principles, the 2000s witnessed a path-dependent departure from standard economic and political operating procedures in developed countries. >>> further details
Miklós Szanyi: The Revival of the State
Éva Voszka: Crisis Management in Europe: Nationalizations and Privatizations
Miklós Somai: The Changing Role of the State in France: from Crisis to Crisis
Zsófia Naszádos: The Involvement of the State in the German Economy
István Kőrösi: The Relationship between State and Private Enterprise in the Austrian Economy
Miklós Szanyi: Some Aspects of State Ownership in East-Central European Transition
Éva Ozsvald: Listed Companies with State Ownership. The Case of Poland
Miklós Somai: The Changing Role of the State in Slovenia: Privatizations and Banks’ consolidations
Miklós Szanyi: The Role of State Ownership in and after Hungary’s Transition to Market Economy
Judit Ricz: The Changing Role of the State in Development in Emerging Economies: The Developmental State Perspective
Katalin Völgyi: A Successful Model of State Capitalism: Singapore
Judit Ricz: Strong State Influence in the Brazilian Economy: Continuity or Change?
Tamás Szigetvári: The Changing Role of the State in the Turkish Economy