1 definition by Economics Professor
“State capitalism” is a term that’s been used for over 100 years by economists and others to describe a system where the state employs the workers, pays their wages, sells what’s produced to make profits etc (instead of private employers doing this). Many people don’t know that what came about it Russia, China, Cuba, North Korea etc was state capitalism, and was never socialism or communism (i.e. a society where the people collectively own and control the means of production). In fact, the class-free, state-free, money-free socialism/communism that Marx and Engels wanted and wrote about, has not yet begun.
Those people who ludicrously think Russia had socialism or communism should read a history book about Lenin, then they would realise that he repeatedly said he wanted "state capitalism" for Russia and he said that it would be "a great success".
by Economics Professor February 24, 2023