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State capitalism isn’t socialism. In the West it was the dominant model from the late 19th century through the postwar period, with states directing railways, steel, energy, finance, and war production. The pivot came from the late 1970s into the 1980s, as policy shifted toward deregulation, privatisation, and capital market primacy. What followed was financialisation, not a pure free-market system. The idea of stateless free-market capitalism is a recent construct: pushing price signals to maxi
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