Bungacast /515/ State Capitalism Is Now ft. Ilias Alami
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Oct 13, 2025 
Ilias Alami, a political economist and assistant professor at the University of Cambridge, dives into the dynamics of state capitalism. He argues this phenomenon isn't limited to China but reflects a global trend influenced by stagnation and neoliberal legacies. Alami discusses how state capitalism signals systemic fragility rather than strength. He explores its implications for domestic politics and the potential for democratic reclaiming of state assets, all while navigating through the complexities of current economic structures and their effects on future governance.
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State Tools To Stabilize Crises
- The stabilizing impulse uses state banks, SWFs, and central banks to absorb shocks and backstop finance.
- States deploy these tools post-crisis to protect assets, elites, and macroeconomic stability.
How States Absorb And Recycle Surpluses
- The absorptive impulse recycles surpluses via sovereign funds and state investment into diverse asset classes.
- Governments redirect export proceeds and reserves into global finance, real estate, and industry to realize returns.
Discipline Abroad And At Home
- The disciplinary impulse polices rivals and domestic populations via sanctions, controls, and surveillance.
- It links economic statehood with repressive tools and geopolitical competition.
