Abstract
The paper critically analyzes various interpretations of the concept of state capitalism. The author differentiates the state as the owner of the means of production, state as a form of economic coordination, state as the dominant institution of political power, and state as an instrument for extracting and distributing surplus value. The failure of post-socialist European countries to transition to a sustainable market capitalist system, as well as the rise of state-managed hybrid market economies in China, have led to such economies becoming long-term economic formations. A hybrid economy, in which a market-capitalist sector coexists with a politically controlled and dominant public sector, is proposed as an alternative to neoliberal forms of coordination. It provides the foundation for the development of a rational political economy.
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