The Growth of the State: Leviathan Stirs Again

"This is partly a product of the oil boom. Three-quarters of the world’s crude-oil reserves are owned by national oil companies. (By contrast, conventional multinationals control just 3% of the world’s reserves and produce 10% of its oil and gas.) But it is also the result of something more fundamental: the shift in the balance of economic power to countries with a very different view of the state from the one celebrated in the Washington consensus. The world is seeing the rise of a new economic hybrid—what might be termed “state capitalism”. "