I believe “state capitalism” is the right description.
If you want to focus on the pure mechanic of how surplus value is extracted in SOEs and try to make the argument that the CPC forms a nomenclatura that appropriates it then it would be still fairer to call it “State socialist” as the surplus value is distributed amongs the working class benefiting them significantly materially unlike in capitalist countries. Since it’s qualitatively a different state than the UDSSR is useful to also look at the distinguishing aspect, namely the presence of the market. Hence “socialist market economy” is the right description like other posters mentioned
As a funny counter-example: I wouldn’t call Norway a socialist state, but it does have a similar interest in many industries, commanding heights in some. It could also be described as practicing a form of state capitalism (more of a carve out in the bigger capitalist system). The difference in China is the ideology and scale and dominance of it… 60% or so of the entire economy, if I remember right. China chose to call itself a “socialist market economy” back in 1992. That’s fine, and it’s definitely nicer to say than “state capitalism with chinese socialist characteristics”. It’s a political ideological label that they own, and can even change and interpret as they see fit.
Economists will continue to prefer analytical terms.
Economists will continue to prefer analytical terms.
Yes western liberal economists prefer calling it state capitalist as the funding for their research and prestige depends on it. “State capitalism” is also political ideological label that serves capitalist interests as it obfuscates the nature of socialist states
“state capitalism” alone is a bit imprecise, and open to interpretation (as this whole thread demonstrates). It’s probably why additional qualifiers are typically used, and definitions often provided. Especially when labels like socialist market economy change over time.
Once again: it’s fine - times change & ideologies evolve.
If you want to focus on the pure mechanic of how surplus value is extracted in SOEs and try to make the argument that the CPC forms a nomenclatura that appropriates it then it would be still fairer to call it “State socialist” as the surplus value is distributed amongs the working class benefiting them significantly materially unlike in capitalist countries. Since it’s qualitatively a different state than the UDSSR is useful to also look at the distinguishing aspect, namely the presence of the market. Hence “socialist market economy” is the right description like other posters mentioned
As a funny counter-example: I wouldn’t call Norway a socialist state, but it does have a similar interest in many industries, commanding heights in some. It could also be described as practicing a form of state capitalism (more of a carve out in the bigger capitalist system). The difference in China is the ideology and scale and dominance of it… 60% or so of the entire economy, if I remember right. China chose to call itself a “socialist market economy” back in 1992. That’s fine, and it’s definitely nicer to say than “state capitalism with chinese socialist characteristics”. It’s a political ideological label that they own, and can even change and interpret as they see fit.
Economists will continue to prefer analytical terms.
Yes western liberal economists prefer calling it state capitalist as the funding for their research and prestige depends on it. “State capitalism” is also political ideological label that serves capitalist interests as it obfuscates the nature of socialist states
“state capitalism” alone is a bit imprecise, and open to interpretation (as this whole thread demonstrates). It’s probably why additional qualifiers are typically used, and definitions often provided. Especially when labels like socialist market economy change over time.
Once again: it’s fine - times change & ideologies evolve.