We explore the impact of fear on demand for government intervention. Our empirical strategy takes advantage of a unique quasi-experiment: During our survey in Russia, a very popular television program misreported the riskiness of the Covid-19 virus, thereby providing short-term exogenous...

To understand the capitalist state, often labeled as the "modern state," it is imperative to analyze the relations of dialectical unification between the class nature of the state and its public character with the perspective of historical materialism. From the narrative logic of Capital ,...

Taxation is often described as the material expression of the social contract. However, this conceptualization largely reflects the Anglo-European experience and provides limited explanatory power for analysing taxation in African states, which did not experience the type of state-society...

This study investigates the impact of government-business relationships on corporate involvement in the People's Republic of China's poverty alleviation campaign. Using data on Chinese-listed firms from 2017 to 2020, we find that closer government-business relationships, as measured by a...

Global financial markets frequently experience extreme volatility, which poses significant challenges in forecasting stock returns, particularly following market crashes. Traditional models often falter under these conditions due to heightened investor sentiment and strong regulatory...

This paper examines the macroeconomic implications of unrealistic optimism, a psychological bias that has been largely overlooked in economic models. While traditional models often link optimism to speculative bubbles and excessive risk taking, this study challenges that view by demonstrating...

This study examines the impact of China's special economic zones (SEZs) on land misallocation, primarily using city-level data for China from 2003 to 2018. The findings indicate that establishing SEZs exacerbates land misallocation by over-allocating land to cities, resulting in an average...

This study examines factors influencing full (FP) versus partial (PP) privatization and how markets respond to government control in PP and FP firms. Exploiting China's 2005 NTS reform as a natural experiment, we find that treated PP firms experienced significantly lower post-reform performance,...

This study examines how state-owned capital investment and operation companies (SCIOCs), a key reform of China's state-owned capital authorised operation system with a foucs on managing capital, influence firms' expense stickiness. Using a staggered difference-in-differences approach with data...

Global financial markets frequently experience extreme volatility, which poses significant challenges in forecasting stock returns, particularly following market crashes. Traditional models often falter under these conditions due to heightened investor sentiment and strong regulatory...

Market-oriented theorizing fails to capture the reality of government intervention in the global economy. Trade and investment measures by governments around the globe, designed to protect strategic industries and maintain a security of supply in the wake of a return to strategic competition,...

This study empirically examines how bank financial technology (FinTech) affects the governance of zombie firms, using data from China's A-share listed companies from 2007 to 2023. Bank FinTech adoption is shown to significantly curb firm zombification. This effect is pronounced in...

Questo volume raccoglie una serie di saggi sulle risposte adottate da diversi sistemi giuridici europei per fronteggiare la crisi socio-economica causata dall'epidemia di Covid-19 e sugli effetti che queste hanno avuto nel rafforzare trasformazioni già avviate a seguito della crisi...

State directed industrialization in developing countries became a common strategy after World War II. The success of a small number of countries in East Asia added new dimensions to the debates on the role of states in taming domestic and international market forces. However, it soon became...

This article presents a theoretical framework for analysing corporate responsibility through the lens of critical state theory, focusing on the dynamic interplay between state and business. Traditionally, corporate responsibility is seen as voluntary corporate actions for public welfare....

The rise of "new economic statecraft"-intervention in trade and investment for foreign policy reasons-is increasingly threatening the stability of the global economic system. Building on previous work, we consider the types of intervention we have seen, classifying state measures as behind the...

Die Zeitenwende nach dem russischen Angriffskrieg auf die Ukraine und die dadurch verschärfte Debatte über wirtschaftliche Sicherheit, strategische Autonomie und kritische Importabhängigkeiten haben zu Recht dazu geführt, dass Staatseingriffe stärker diskutiert werden. Kritische...

We examine the ways in which political realities shape industrial policy through the lens of modern political economy. We consider two broad “governance constraints”: i) the political forces that shape how industrial policy is chosen and ii) the ways in which state capacity affects...